S Kumars acquires Hartmarx Corporation

MUMBAI: S. Kumars Nationwide Ltd���s subsidiary, SKNL North America B.V. has successfully bid for the acquisition of Hartmarx Corporation. The US 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 $119 million. The transaction is expected to close during July 2009.

Once the transfer of assets is complete, SKNL and its operating partner look forward to revitalizing the iconic American brands that constitute the Hartmarx portfolio.

���We are delighted to add Hartmarx to our business portfolio. This acquisition will enable SKNL to enhance its global footprint. Hartmarx directly owns or controls 34 brands and will bring significant business volumes to the SKNL Group operations in India through front-end back-end synergy,��� said Nitin S. Kasliwal, Managing Director and Vice Chairman of SKNL of the acquisition.

On January 23, 2009, Hartmarx, known best for dressing President Barack Obama, announced that 50 of its wholly-owned U.S. subsidiaries had filed for protection under Chapter 11 of the US Bankruptcy Code. Hartmarx produces and markets business, casual and golf apparel under its own brands, including Hickey Freeman, Hart Schaffner Marx, Coppley, Monarchy, and Exclusively Misook. In addition, Hartmarx has certain exclusive rights under licensing agreements to manufacture and market selected products for premier brands such as Austin Reed, Ted Baker, Bobby Jones, Jack Nicklaus, Claiborne, Pierre Cardin, Lyle & Scott, Golden Bear and JAG Jeans.