Monroe Chat

I get these updates, and this has been an ogoing "business"news item specific to WFC but I thought I would share as it seems to be a "sign of the times" and largely obscure from a national news standpoint.

Judge OKs details in bidding for Obama suit maker

CHICAGO (AP) -- A British company bidding on a Chicago clothier that's made suits for President Barack Obama says it looks forward to "keeping the business whole and operating."

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On Tuesday, a Chicago judge approved final details on a bidding process for the purchase of Hartmarx Corp. by Emerisque Brands U.K. Limited and SKNL North America BV.

Emerisque and Hartmarx representatives spent days renegotiating a deal that Hartmarx creditor Wells Fargo & Co. said was too low.

Harmartx filed for Chapter 11 bankruptcy protection in January

Hartmarx workers threatened a sit-in if Wells Fargo liquidated the company.

Emerisque's bid is subject to a competitive auction this month. Hartmarx says dozens of bidders are interested.

A Wells Fargo spokeswoman declined to comment Tuesday.

Hartmarx made the suit Obama wore on Election Night in Chicago and the tuxedo he wore on Inauguration Day. The company employs more than 3,000 workers at seven U.S. factories, including about 650 workers in Des Plaines and about 350 in Rock Island.

http://finance.yahoo.com/news/Judge-Har ... .html?.v=4

http://finance.yahoo.com/news/Judge-OKs ... .html?.v=1