The company said in court filings Friday that it has approved a $119 million stalking horse bid for all its assets from Emerisque Brands U.K. Limited and SKNL North America B.V., The Chicago Tribune reported.
As a stalking horse bid, the Emerisque-SKNL proposal will be used to establish a framework for other potential bids as Hartmarx -- the preferred clothier of U.S. President Barack Obama -- prepares for a June 25 bankruptcy court hearing and a possible July 9 appearance to approve the sale of the company to Emerisque-SKNL or a different successful bidder, the newspaper said.
Emerisque gave Hartmarx a deadline to act this week on its third and final bid. The Tribune said the firm has worked on the turnarounds of such brands as Puma, Ben Sherman and Lee Cooper, while SKNL of India has announced an intent to expand internationally through acquisitions.
Liquidation rather than a sale of the suitmaker remains a possibility as Wells Fargo & Co., Hartmarx's chief lender, is reportedly pushing for that outcome.
Copyright 2009 by United Press International.
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