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Hartmarx Bankruptcy: Judge Says Deal For Obama Suitmaker Should Move Forward

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CHICAGO (AP) -- After a weekend of negotiating, a deal to purchase the Chicago-based company that's made suits for President Barack Obama could move forward.

A judge on Monday approved a bidding process for Hartmarx Corp., which filed for Chapter 11 bankruptcy protection in January.

Last week Emerisque Brands U.K. Limited and SKNL North America BV's submitted an $85.5 million offer for the company's assets, which Hartmarx creditor Wells Fargo said was too low.

Hartmarx officials say they re-negotiated the bid's structure.

Hartmarx says there isn't an exact purchase price until closing, but Emerisque is offering about 72 percent of the $114 million owed to Wells Fargo. It says while an $82 million bid appears lower than Friday's offer, the new deal translates into more cash for Hartmarx creditors.

Hartmarx says dozens of other bidders could submit offers by a deadline later this month.


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