SKNL North America B.V, a subsidiary of S. Kumars Nationwide Ltd, is set to acquire Hartmarx Corporation for $119 million, following approval for selling assets by Bankruptcy Court for the Northern District of Illinois on June 26. Hartmarx Corp, the largest men's tailored clothing company in the USA - known best for dressing President Barack Obama - had earlier filed protection under Chapter 11 of the US Bankruptcy Code on January 23, 09, for all its 50 subsidiaries.  

S. Kumars Nationwide Ltd (SKNL) plans to revitalize the iconic American brands by Hartmarx after completing the transaction, closing in July.

Nitin S Kasliwal, the Managing Director and Vice Chairman of SKNL, said: “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.”

Hartmarx, the producer of popular brands such as Hickey Freeman, Hart Schaffner Marx, Monarchy, and Exclusively Misook, has also licensing rights to market and manufacture selected brands such as Claiborne, Pierre Cardin, Lyle & Scott and JAG Jeans.

Shares of company surged 2.69 per cent to Rs.47.65, hitting intraday high of Rs.48.80 and low of Rs.47.05.