The survival of men’s apparel maker Hartmarx — a clothier of choice for President Barack Obama — has become a hot-button political issue.
The Chicago-based maker of labels like Hickey Freeman and Hart Schaffner Marx, which filed for Chapter 11 in January, is facing a possible liquidation as creditors led by Wells Fargo are tightening the purse strings on funds for operations.
But with 3,500 manufacturing jobs hanging in the balance — including workers in New York — union activists and lawmakers are moving to save the 122-year-old company.
“The labor movement is going to take this very badly if the banks press for getting every last dime from a liquidation,” Bruce Raynor, president of trade union Unite Here, told The Post.
In a letter obtained by The Post, Raynor last week warned Hartmarx CEO Homi Patel to “tell prospective buyers and the banks that we are prepared to mount a public and aggressive campaign to save these jobs.”
Raynor has been joined by US Rep. Phil Hare (D-Ill.), who himself had worked at a Hart Schaffner Marx factory for 13 years.
Noting that Wells Fargo was one of the biggest takers of taxpayer funds in the bank bailout, Hare said the San Francisco banking giant will be getting pressure to preserve Hartmarx’s factories from House Financial Services Committee Chairman Barney Frank (D-Mass.).
This week, sources said doubts grew about Hartmarx’s ability to make payroll and place orders for fall and holiday inventory, as Wells Fargo clamped down on a debtor-in-possession loan.
Sources close to the situation say three bids have emerged for the company. The highest — which would likely result in liquidations and layoffs — has reportedly come from Mistral Equity Partners, a New York-based firm led by Andrew Heyer, co-founder of Trimaran Capital Partners.
But sources say the runner-up, Emerisque — a London-based private-equity firm that has turned around brands like Puma and Ben Sherman — has signaled it aims to keep the company’s operations intact.
Hartmarx also has received a bid from Yucaipa, the investment firm controlled by Los Angeles billionaire Ron Burkle. james.covert@nypost.com