Thursday, May 21, 2009

43 Congress members urge Suit Maker sale

Crain's Chicago Business reports:
Dozens of lawmakers are asking Treasury Secretary Timothy Geithner to pressure creditors of Hartmarx Corp. to allow the sale of the struggling menswear maker.

The 120-year-old Hartmarx filed for Chapter 11 bankruptcy protection in January after banks cut off its credit. Its biggest creditor, Wells Fargo, has pushed to liquidate Hartmarx because it hasn't been able to repay $114 million.
You might wonder why Congress thinks it can determine how many suit makers there should be?