Today is a big one for bankrupt suitmaker Hartmarx. (Catch up on the full story here.)
A U.S. bankruptcy court judge is holding a hearing this afternoon to officially select the lead bidder on the 122-year-old company. While both the Hartmarx board and Workers United have expressed their support for a bid by British private equity firm Emerisque, main creditor Wells Fargo released a statement on Friday opposing the offer, arguing that the cash amount was too low and assertig that the firm intended to shut down the company's Rock Island plant within three months. That same day, Emerisque called the latter claim "simply not truthful" and concluded, "It would appear to us that Wells Fargo prefers a liquidation" -- which has been the suspicion all along.
Speaking to the Quad-City Times, Rep. Phil Hare -- who worked at the Rock Island factory for 13 years -- had this to say about the matter:
“If that’s the way they want to behave, Monday we go to war,” Hare said Friday.
The Hartmarx workers are going to be rallying outside the bankruptcy court later this afternoon. Check back for a full report.
Full disclosure: Workers United is an affiliate of the Service Employees International Union. The SEIU Illinois State Council sponsors this website.
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