Statement by Emerisque and SKNL North America Regarding Court Approval for the Acquisition of Assets of Hartmarx Corporation
CHICAGO, June 26 /PRNewswire/ -- Emerisque Brands UK and SKNL North America, B.V. are pleased to announce that the United States Bankruptcy Court for the Northern District of Illinois today approved the sale of substantially all of the assets of Hartmarx Corporation for a total transaction value of approximately $119 million. We are pleased that the Court, with the unanimous support of the Company and its lenders, agreed that our going concern bid is in the best interest of the estate and all of Hartmarx's stakeholders. The transaction is expected to close July 7, 2009.
Once the transfer of assets is complete, SKNL and Emerisque look forward to revitalizing the iconic American brands that constitute the Hartmarx portfolio.
We are confident about returning Hartmarx to profitability and to fulfill its potential in the U.S. and in the global marketplace with the continued support of all constituencies involved.
