Billionaire clothier closes in on Harris Publications

Harris Publications, which shut its doors in late April, is awaiting a judge’s OK to sell the assets to Spencer Hays-owned Athlon Media.

A deal is now expected by June 30.

Hays, a Nashville, Tenn.-based billionaire, founded the bespoke suit company Tom James and acquired Oxxford Clothes before going on to bail out Athlon, which purchased Parade and some sports magazines.

The Harris family pulled the plug on the nearly 40-year-old company and laid off 65 people. Employees were given only two days to clear out their desks.

Creditors, including subscribers to its 75 magazines, have until July 6 to file claims. In its “assignment for the benefit of creditors” filed late last month in Manhattan supreme court, the company valued its assets at $2.9 million.

There are still a few hurdles that the company must clear before the court will sign off on a deal. Printing giant R.R. Donnelley said it is owed $3 million for an unpaid printing bill plus another $1 million for paper. On top of that, Donnelley filed a $4 million breach of contract claim.

Curtis Circulation, which is responsible for getting magazines from warehouses to retail outlets, said the publisher owes it only $250,000 — but also has filed a $7 million breach of contract claim against Harris.

Harris also printed and distributed Naturally, Danny Seo, but that title was licensed to a new publisher, Bridal Guide owner RFP Publications, last week.