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January 25, 2002

USA: Hartmarx Cuts Pay After Quarterly Losses

Leading US-based golf and casual apparel manufacturer, Hartmarx Corp, on Friday reported a fall in fourth quarter sales and revenues and said it would slash the salaries of its highest paid managers in order to cut costs. The firm said in a news release that it lost $2.2 million - seven cents per share - in the quarter, compared with a profit of $3.2m - 11 cents per share - in the year-ago period. Revenues plunged to $154.7m in the period from $169.7m in 2000.

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