Press Trust of India / Chicago Jul 18, 2009, 13:24 IST
Suit maker Hartmarx Corp's sale to London-based Emerisque and Indian apparel company S Kumars Nationwide Ltd has been postponed for a few days as the buyers have not been able to finalise the financial details.
The sale, which was scheduled to be completed by July 17, is expected to take another 10 days as Emerisque and SKNL are seeking to renegotiate some aspects of the deal, while lenders are demanding more collateral and higher interest rates, a report in the Chicago Sun Times said.
City-based Hartmarx, which had designed suits for President Barack Obama, was acquired last month by private equity firm Emerisque Brands and its Indian partner SKNL North America BV for about $119 million.
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