The purchase agreement includes both companies taking on $33.5 million of the suitmaker's debt.
Apparel company S Kumars Nationwide and its overseas partner Emerisque Brands have emerged as potential bidders to take over Hartmarx Corp, the city-based maker of President Barack Obama's suits.
The textile firm is close to acquiring Hartmarx Corporation, along with London-based private equity firm Emerisque Brands for a total amount of $119 million.
The sale of the debt-ridden company was approved by Judge Bruce Black in Federal bankruptcy court here and the deal is expected to close by July 7. The purchase agreement includes both companies taking on $33.5 million of the suitmaker's debt.
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