By  on October 24, 2007

NEW YORK — Hartmarx Corp signed off on a 3 million share buy back to help its beleaugured stock. The repurchase, which would account for 8 percent of the stock’s outstanding shares, will be made on the open market or in privately negotiated transactions.

The Chicago-based company, which makes and markets better tailored brands as well as a mix of golf and casual sportwear labels, has been battered by retail consolidation and softness in the mid-tier tailored clothing market. Its stock price, at $4.98 in mid-day trading last Tuesday, has fallen more than 40 percent from its 52-week high due to weak earnings.

This is Hartmarx’s second large stock repurchase program in the last few years. The company approved a 2 million share buyback in 2005. As of two weeks ago, that repurchase program was nearly complete.

To Read the Full Article
SUBSCRIBE NOW

Tap into our Global Network

Of Industry Leaders and Designers

load comments
blog comments powered by Disqus