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The men’s suit maker that owns the Hickey Freeman and Hart Schaffner & Marx labels is headed for the auction block — again.
HMX Group — a New York firm whose suits are worn by both President Obama and the presumptive Republican nominee Mitt Romney — is expected to begin searching for a buyer as soon as next week, The Post has learned.
At the same time, its owner will seek to refinance its debt, sources added.
“The funds haven’t come in yet, and if they don’t, the company will go down a sale process,” a source who is close to the situation told The Post, adding that the latter scenario was far more likely.
The sale option is at the top of the list despite a turnaround effort under its current India-based owner, SKNL, which had sought to capitalize on HMX’s status as one of the few remaining US-based clothing manufacturers.
Last month, US Sen. Chuck Schumer (D-NY) appealed to HMX to make Olympic uniforms for Team USA following press reports that uniforms from Ralph Lauren had been made in China.
Sources said HMX has been approached by private-equity groups as well as retail companies.
Formed three years ago when its century-old predecessor Hartmarx was purchased by SKNI out of bankruptcy, HMX has paid down about $40 million of a $100 million debt load.
In addition to improving the efficiency of the company’s factories, CEO Doug Williams tapped designer Joseph Abboud to upgrade its styles, which many saw as having become a bit stale and outdated.
In its heyday, sales spiked as Johnny Carson wore the company’s brands on his widely watched “The Tonight Show.”
More recently, the brands have not had much pop-culture traction — despite Obama and Romney donning their styles.
SKNL has been reluctant to invest in growth, and has fallen behind on payments to fabric suppliers, insiders said.
“I don’t think (SKNL) realized how weak the company was when they bought it,” one source said. “They’ve been pressuring both brands to buy their fabrics from India.”
In addition to a unionized factory near Chicago that makes Hart Schaffner & Marx suits, HMX owns a facility in Rochester, NY, that makes Hickey Freeman suits, which are priced in the $900 range.
“Hickey Freeman is still a great brand and will generate a lot of interest [from bidders],” one insider said, adding that the Rochester factory is likewise attractive.
Hart Schaffner & Marx, however, may become an Asian-made private brand for a retailer such as Dillard’s or Men’s Wearhouse, the source said.
The company, which can trace its corporate lineage to 1872, also owns the Bobby Jones, Ivanka Trump and Sansabelt labels.