I think it's Hein's. If the first letter were a W, I would expect a different connector between that and the e - a short horizontal stroke, so the W finishes before it runs into the e. There aren't enough strokes for it to be a W, I think. Also comparing the first letter and the n - the way it connects to the next letter is similar, which it would be between an h and n, but not between a w and n, because of the upward last stroke on the w. Also the very tall first stroke makes sense for a lower case h, but not really for a w, even a stylised one.
There is an ebay thread here showing the same label for deciphering, most see Hein's and it being a store label:
http://forums.ebay.com/db1/topic/Vintage-Clothing-Accessories/Does-This-Tag/510286089&start=
Here is an article referring to a Hein's department store in Waukegan, Illinois, it began in the early 20th century according to a downloadable doc on the same site
http://www.villageprofile.com/illinois/waukegan/02/topic.html
and
here Hein's Waukegan is listed in Life 1953 and
here in Harpers Bazaar 1967
I've found a few other references to the department store, including one calling it "the elite fashion store in Waukegan", but nothing useful like an ad though, so we could compare the typefaces. But my opinion, FWIW, on the typography, backed up by the existence of store of that name in a similar time period, is now is firmly Hein's.
Ruth