Business

Hartmarx completes $128.4 million sale

Posted August 09, 2009 11:00 pm

Bloomberg News

Hartmarx Corp., the maker of Hickey Freeman and Hart Schaffner Marx suits, completed its sale to private-equity firm Emerisque Brands U.K. Ltd. and its partner, SKNL North America BV.

"We are delighted to have completed this acquisition," Nitin Kasliwal, chairman of SKNL and the newly formed Hartmarx Operating Co., said today in a statement distributed by PR Newswire. "This is an important step forward towards our ambition of being 'clothiers to the world.'"

Chicago-based Hartmarx, a 120-year-old suitmaker, sought Chapter 11 protection Jan. 23 amid a group of retail industry bankruptcies brought on by a tight credit market, rising unemployment and the recession. The company has operations in Des Plaines. The $128.4 million sale was approved in June.

The case is In Re Hartmarx Corp., 09-02046, U.S. Bankruptcy Court, Northern District of Illinois (Chicago).

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