The parties involved in the Hartmarx bankruptcy auction returned to federal court today and reports this morning indicated that the so-called creditors committee was unhappy with certain aspects of the deal in question. But by the end of the day, those concerns seem to have been resolved and the lawyers for both sides were filing an order to finalize the sale of the company to British private equity firm Emerisque. From the Sun-Times:
U.S. Bankruptcy Court Judge Bruce W. Black still must approve the sale, but he addressed employees sitting in the courtroom by saying, “It sounds like you have jobs to go back to and we’re all happy about that.”
The sale is expected to close July 7. [...]
Emerisque has said it intends to keep Hartmarx intact and preserve its U.S. operations.
“We are very pleased with the outcome,” said Hartmarx CEO Homi Patel.
Rep. Phil Hare, a former Hartmarx employee, released the following statement this evening:
Today's approval of Emerisque's bid to buy Hart Schaffner Marx and the cooperation by Wells Fargo is good news for nearly 4,000 workers, their families, and our economy. It is proof positive that the voices of America's working men and women still do matter, even in an era of unprecedented greed. [...]
At a time when American manufacturing continues to go by the wayside, I am heartened by the success story of Hartmarx. And I am especially happy for the workers at my old Seaford Clothing plant in Rock Island who deserve nothing less.
Congratulations to all the parties involved in this fight. If you're new to this issue, you can read the full backstory here.
