Wells Fargo (NYSE:WFC) said Friday that it opposes a bid from Emerisque Brands U.K. Limited to buy Chicago-based Hartmarx Corporation (OTC:HTMXQ), saying the bid should be higher. Hartmarx is a 120 year-old maker of luxury apparel and made the suits that President Barack Obama wore on election night and Inauguration day, but filed for Chapter 11 bankruptcy protection in January. Emerisque and SKNL North America BV signed an agreement with Hartmarx on May 22 to buy all of its assets for roughly $85.5 million. Wells Fargo is its largest lender with $114 million in loans to the company and has pushed for liquidation. Emerisque said Friday that Wells Fargo is distorting the facts to affect Hartmarx's bankruptcy hearing on Monday. Hartmarx Corporation employs about 3,000 people at seven U.S. factories.

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