BANKING & FINANCE - Jan. 31, 1992

Many Hartmarx Stores Drop American Express: Hartmarx Corp. has joined a growing cadre of retailers turning their backs on American Express Co. The Chicago-based clothing manufacturer, which operates 355 retail stores, no longer accepts the American Express card at 205 of its stores with higher-priced merchandise--including Wallachs, Baskins, Barrie Pace Ltd. and Jas. K. Wilson. Some merchants have rebelled against American Express because it charges as much as 5% of a transaction to process card billings, compared to 4% at MasterCard or Visa. Hartmarx said its decision was based on a need to cut costs.