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.
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 purchase agreement includes both companies taking on $33.5 million of the suitmaker's debt.
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