Statement By Emerisque Re: Stalking Horse Selection
LONDON and CHICAGO, June 2 /PRNewswire/ -- Emerisque and its partner SKNL North America ("the Purchasers") are pleased that the United States Bankruptcy Court in the District of Chicago has today approved the motion by Hartmarx Corporation selecting them as the stalking horse bidder.
As a result of last minute negotiations over the weekend, the Purchasers and the Company, supported by its lenders, have agreed to a total transaction value of $128.4 million for the acquisition of substantially all of the assets of Hartmarx Corporation and the assumption of certain liabilities.
The Emerisque-SKNL offer was the only bid that committed to keeping the business whole and operating it as a going concern. We believe this is in the best interest of the Company's customers, vendors, employees and communities at this crucial juncture in the future of the Company and in this economic environment. Clearly, there is a difficult road ahead to accomplish the turnaround and enable Hartmarx to return to growth. We are confident that we are the right partners to help the Company and its brands fulfill their potential.
We look forward to an expeditious and orderly auction process, and to working productively with all of the Company's stakeholders to bring this transaction to a speedy conclusion.
