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| Five new firms show interest in taking over Hartmarx |
| Press Trust of India / Chicago Jun 24, 2009, 21:10 IST |
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Five new companies have emerged as potential bidders to take over Hartmarx Corp -- the maker of President Barack Obama's suits -- for which Emerisque Brands and its Indian partner S Kumars Nationwide had been named as the leading bidder.
The 125-year-old maker of Hickey Freeman and Hart Schaffner Marx suits is reviewing offers from five new potential bidders for parts or all of the company.
The latest companies to submit their interest for taking over the firm include Affliction Holdings Llc, which is said to be interested in Monarchy, a designer of premium casual sportswear for men and women, acquired by Hartmarx two years ago, and Mistral Capital Management, which was one of the original bidders for the women's business of Hartmarx.
The other companies are Perry Ellis International, designer and distributor of its namebrand men's and women's clothing as well as brands such as Farah, JAG and Original Penguin, Versa Capital Management and Western Glove Works, which manufactures Victoria Beckham's dVb line.
Though Hartmarx and its primary lender Wells Fargo agreed to name London-based Emerisque as Hartmarx's leading bidder, the auction for the company continues, the Chicago Sun Times reported.
Emerisque and SKNL North America were designated as the stalking horse bidder for Hartmarx, implying that their offer would be accepted if no higher bids emerged. The two had raised the deal value to $128.4 million from $119 million to buy the bankrupt Hartmarx.
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