Updated with correction Jan. 12
The PBGC today said it would take over the defined benefit plan of Hartmarx Corp., Chicago.
Hartmarx has been under Chapter 11 bankruptcy protection since Jan. 23, 2009, according to the website of the company's claims and noticing agent, Kurtzman Carson Consultants.
The Pension Benefit Guaranty Corp. said in a news release that the Hartmarx Retirement Income Plan faced abandonment because purchasers that acquired Hartmarx assets did not assume responsibility for the plan.
The plan is 47% funded, with assets of $142.8 million and $306.6 million in liabilities, according to PBGC estimates. The agency expects to be responsible for $158.5 million of the $163.8 million shortfall.
The plan was terminated on Aug. 7.