SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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FORM 8-K
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CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): October 18, 1996
HARTMARX CORPORATION
(Exact name of Registrant as specified in its charter)
DELAWARE 1-8501 36-3217140
(State or other (Commission (I.R.S. Employer
jurisdiction of file number) Identification No.)
incorporation or
organization)
101 NORTH WACKER DRIVE 60606
CHICAGO, ILLINOIS 60606 (Zip Code)
(Address of Principal Executive Offices)
Registrant's Telephone Number, including area code: 312-372-6300
Not Applicable
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(Former name or former address, if changed since last year)
ITEM 5. OTHER EVENTS
On October 16, 1996, the Company announced it had
signed a letter of intent to purchase substantially all
of the current assets, operations and licenses of Plaid
Clothing Group Inc. ("Plaid"), including Plaid's
manufacturing and distribution facilities. Plaid has
been operating under Chapter XI bankruptcy protection
since July 1995. The purchase is subject to the
completion of a definitive purchase agreement, due
diligence, bankruptcy court approval and certain other
conditions.
ITEM 7. EXHIBITS
(c) Exhibits
Exhibit Number
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20 Press Release, dated October
16, 1996
SIGNATURES
Pursuant to the requirements of the Securities
Exchange Act of 1934, the Registrant has duly caused this
report to be signed on its behalf by the undersigned,
thereunto duly authorized, in the City of Chicago, State
of Illinois.
Dated: October 18, 1996
HARTMARX CORPORATION
By: /s/ Glenn R. Morgan
Name: Glenn R. Morgan
Title: Executive Vice President,
Chief Financial Officer
EXHIBIT INDEX
SEQUENTIALLY
EXHIBIT NUMBER DESCRIPTION NUMBERED PAGE
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20 Press Release,
dated October 16, 1996
Exhibit 20
HARTMARX TO BUY PLAID CLOTHING ASSETS
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NEW YORK, OCTOBER 16, 1996 Plaid Clothing Group
Inc. announced today it has signed a letter of intent to
sell substantially all of its assets to Hartmarx Corp.
[NYSE: HMX]. Plaid, which has been operating under
Chapter 11 bankruptcy protection since July, 1995, has
been in discussions with potential bidders for the
Company in recent months.
Under the agreement, Hartmarx will purchase
substantially all of the current assets, operations and
licenses of Plaid, including the Company's manufacturing
and distribution facilities. Proceeds from the sale will
be available for distribution among the Company's
creditors. The sale agreement is subject to bankruptcy
court approval, and certain other conditions.
"We are convinced that this sale to Hartmarx is the
best option for Plaid," said William V. Roberti, Plaid's
president and chief executive officer. "We have worked
hard over the last year and half to streamline the
business." Roberti added, " Our goal now is to secure
all necessary approvals and to make this transition as
smooth as possible for our constituencies, including
employees, customers, licensors and creditors."
Bert Hand, chairman and chief executive officer of
Hartmarx, stated: "We are purchasing the assets of a
company with considerable value in the menswear
manufacturing industry. Since the Chapter 11 filing,
Plaid's management team has made substantial progress
turning the business around and has established Plaid as
a marketer of high quality men's tailored clothing.
Plaid's assets will fit well into the Hartmarx family."
Homi Patel, president and chief operating officer of
Hartmarx Corporation, stated: "It is our intention to
complete due diligence promptly so as to bring the deal
to closure as soon as possible and effect a seamless
transfer of the assets. Synergistically, this business
fits in very well with several of our other businesses
and it is our intention to leverage the assets and
strengths of both Hartmarx and Plaid to build even
stronger franchises for the various brands. We expect
Plaid's employees, customers and suppliers to be pleased
at the prospect of this transaction."
Plaid, based in New York City, is a major supplier
of men's tailored clothing to better specialty and
department stores. The Company owns various trademarks
and holds licenses for the manufacture of a number of
prestigious brands, including, Burberry, Claiborne, Evan-
Picone and Palm Beach.
Hartmarx, based in Chicago, produces and markets
business, casual and golfing apparel under a number of
leading brands including Hart Schaffner & Marx, Hickey-
Freeman, Austin Reed, KM by Krizia, Tommy Hilfiger, Nino
Cerruti, Pierre Cardin, Perry Ellis, Gieves & Hawkes,
Racquet Club, Daniel Hechter, Karl Lagerfeld, John
Alexander, Riserva, Jack Nicklaus, Bobby Jones,
Sansabelt, Hawksley & Wight, Crossings and Barrie Pace
through a broad range of channels including fine
specialty and leading department stores, value-oriented
retailers and direct mail catalogs.
