A British company that’s offered to buy struggling menswear maker Hartmarx Corp. says the company and its creditors must decide on the bid soon.
A British company that’s offered to buy struggling menswear maker Hartmarx Corp. says the company and its creditors must decide on the bid soon. Emerisque Brands says it’s made its third and final offer for the Chicago-based Hartmarx, and it expires Thursday. The 120-year-old Hartmarx filed for Chapter 11 bankruptcy protection in January after banks cut off its credit. The biggest creditor, Wells Fargo, has pushed to liquidate Hartmarx because it hasn’t been able to repay $114 million. The union representing workers at a suburban Chicago Hart Schaffner Marx factory told workers Wednesday the offer is "in excess of $100 million." Hartmarx makes suits for President Barack Obama and employs more than 3,000 workers in Illinois, Indiana, New York and Alabama. ______ Copyright 2009 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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