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| Hartmarx's Chairman Homi Patel to resign |
| Press Trust of India / Chicago Jul 31, 2009, 10:58 IST |
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Hartmarx Corp Chairman and CEO Homi Patel is expected to retire from his post tomorrow as his company, which made suits for US President Obama prepares to be run by UK's Emerisque and Indian apparel company S Kumars Nationwide Ltd, its new owners.
Patel, who has been with the city-based company for 30 years, said he may work in a part-time advisory capacity with Hartmarx's new owner, besides devoting more time as special adviser to Z Capital Special Situations Private Equity Fund.
"After 30 years, I am excited about the adventures that lie ahead. I have been privileged to be the head of this company and its talented people," Patel, 60, said in a statement.
He said he had told the company's board in April that "it was time for me to move on". Patel's replacement was not announced.
"Homi has done a great job in leading us in the process of the sale of the company which . . . Will save a significant percentage of our 3,000 jobs and our 100-year-old brands," Hartmarx lead director Raymond Farley said.
British investment firm Emerisque Brands and its Indian partner SKNL North America BV received court approval in June to purchase the bankrupt suit-maker. However Hartmarx's sale has been delayed on account of issues to arrange finances for the deal.
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