Court OKs sale of Hartmarx to U.K. company

A British company has won its bid to buy a Chicago-based clothier that made suits for President Barack Obama.

The U.S. Bankruptcy Court for the Northern District of Illinois on Friday approved the sale of Hartmarx Corp. to Britain-based Emerisque Brands and SKNL North America BV for $119 million.

Hartmarx creditor Wells Fargo & Co. had previously turned down an $83 million offer. Hartmarx was forced into bankruptcy protection in January after lenders cut it off.

Wells Fargo has pushed for a liquidation because Hartmarx couldn't repay $114 million.

Emerisque says it's confident the menswear maker can be revived in the U.S. and around the world.

Hartmarx workers had threatened a sit-in if Wells Fargo liquidated the company.