ROCK ISLAND, IL -
A dispute between Wells Fargo and the largest men's wear company in the nation may leave 300 people without jobs here in the Quad Cities. Wells Fargo may not extend more credit to the clothing company Hartmarx, which filed for bankruptcy protection in January. That move may force the company to close down completely and impact employees here in Rock Island.
They're suits that have graced presidents past and present, apparel that President Barack Obama wore during his inauguration.
"You're getting quality American-made clothing," says Greg Kautz, The Gentry Shop Owner.
Hartmarx factories are in Rock Island, Chicago, New York and other states, but the high-end men's clothing company might come to an abrupt end.
"Perhaps in this case they had too many brands they're trying to support, some of which were not profitable," says Kautz.
Chicago workers rallied in protest Monday because Wells Fargo agreed in January to keep company credit open until one of two companies competing to buy Hartmarx made a deal. But Wells Fargo is now considering liquidation to make up for $114 million dollars Hartmarx owes. Congressman Phil Hare has jumped into the battle to save 3,500 jobs nationwide.
"This is a bank that took $25 billion in TARP money. This is taxpayer's dollars and the intent of the TARP money was to extend lines of credit to keep businesses open and going," says Rep. Phil Hare, (D) Illinois.
Losing Hartmarx would mean losing the Seaford Clothing Company in Rock Island. Union workers say it would mean an $18 million dollar loss for the city and 300 jobs.
" The Rock Island plant is 90 percent women and they work extremely hard. A lot of people in that factory are single moms and they depend upon this job," says Hare.
Their jobs put clothing in local stores like The Gentry Shop in Davenport. About 30 percent of their tailored men's clothing comes from the Hartmarx line including Hart Shaffner & Marx and Hickey Freeman.
"We've always tried to sell American-made products, just because I believe in the quality of them and having relationships with those companies all these yearsÂ…the intrinsic value is there," says Kautz.
Congressman Hare says Wells Fargo is expected to announce it's decision by the end of this week. Hartmarx employees in Chicago voted unanimously on Monday to take over the factory with a sit-in if Wells Fargo liquidates the company.
The Illinois State Treasurer has said Illinois will pull business from Wells Fargo if it denies Hartmarx credit. And given that Barack Obama is a fan of the suits, Congressman Hare has contacted the President's office to see if he can intervene and keep Hartmarx running.
They're suits that have graced presidents past and present, apparel that President Barack Obama wore during his inauguration.
"You're getting quality American-made clothing," says Greg Kautz, The Gentry Shop Owner.
Hartmarx factories are in Rock Island, Chicago, New York and other states, but the high-end men's clothing company might come to an abrupt end.
"Perhaps in this case they had too many brands they're trying to support, some of which were not profitable," says Kautz.
Chicago workers rallied in protest Monday because Wells Fargo agreed in January to keep company credit open until one of two companies competing to buy Hartmarx made a deal. But Wells Fargo is now considering liquidation to make up for $114 million dollars Hartmarx owes. Congressman Phil Hare has jumped into the battle to save 3,500 jobs nationwide.
"This is a bank that took $25 billion in TARP money. This is taxpayer's dollars and the intent of the TARP money was to extend lines of credit to keep businesses open and going," says Rep. Phil Hare, (D) Illinois.
Losing Hartmarx would mean losing the Seaford Clothing Company in Rock Island. Union workers say it would mean an $18 million dollar loss for the city and 300 jobs.
" The Rock Island plant is 90 percent women and they work extremely hard. A lot of people in that factory are single moms and they depend upon this job," says Hare.
Their jobs put clothing in local stores like The Gentry Shop in Davenport. About 30 percent of their tailored men's clothing comes from the Hartmarx line including Hart Shaffner & Marx and Hickey Freeman.
"We've always tried to sell American-made products, just because I believe in the quality of them and having relationships with those companies all these yearsÂ…the intrinsic value is there," says Kautz.
Congressman Hare says Wells Fargo is expected to announce it's decision by the end of this week. Hartmarx employees in Chicago voted unanimously on Monday to take over the factory with a sit-in if Wells Fargo liquidates the company.
The Illinois State Treasurer has said Illinois will pull business from Wells Fargo if it denies Hartmarx credit. And given that Barack Obama is a fan of the suits, Congressman Hare has contacted the President's office to see if he can intervene and keep Hartmarx running.
