Textile firm S Kumars is set to acquire Hartmarx, the American clothing company and the suit makers of President Barack Obama, for $119 million.
Hartmarx, the men's largest formal wear clothing company in the US, had recently announced that 50 of its wholly-owned US subsidiaries had filed for protection under the local bankruptcy code.
A consortium of S Kumars Nationwide (SKNL) and its operating partner emerged winners after a competitive bidding process.
In a press note, SKNL today said that its US subsidiary along with the operating partner have successfully bid for acquiring Hartmarx Corporation.
"The United States Bankruptcy Court for the Northern District of Illinois on June 26 approved the sale of substantially all of the assets of Hartmarx Corporation for a total transaction value of about $119 million," the press note said.
The transaction is expected to close in July 2009.
