Story posted Wednesday, June 24, 2009
Another Hartmarx Bidder?
Sale Of Company Facing Shut Down Set To Go Through This Week
By TOM ROBB Journal & Topics Reporter
As the bankruptcy process for Hartmarx moves through the courts toward a potential sale to Emerisque UK, another unknown company seems to have expressed interest in challenging Emerisque's $128 million bid to buy the company and bring it out of bankruptcy.
Last Friday (June 19) was the deadline for any other companies to come forward to express interest in out-bidding Emerisque to purchase the company, which includes the Hart Schaffner Marx clothing plant in Des Plaines, home to 600 employees.
When asked if any other companies had come forward, a Hartmarx spokesman said Monday, "None that I'm willing to share with you."
Officials with the Service Employees International Union (SEIU), representing workers at Hartmarx plants including Des Plaines, said they learned another unknown company had expressed an interest in purchasing Hartmarx. The Des Plaines plant manufactures high quality suits for clients including President Barack Obama.
Last January, Hartmarx filed for Chapter 11 bankruptcy protection. Earlier this year a bankruptcy judge accepted a $128 million bid by Emerisque UK to purchase the company and set last Friday as the deadline for any other bidders to come forward and express an interest.
If no other higher expressions of interest were received by last Friday the court would see the sale of Hartmarx to Emerisque completed by tomorrow (Thursday), June 25.
SEIU leaders have been lobbying hard for the Emerisque offer because they say Emerisque would keep plants operating and workers employed while other offers to purchase the company would see it liquidated and plants shut down.
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