USA: Hartmarx Wins $4.5m Software Settlement
In a statement, the company said the agreement also resulted in a fully paid-up perpetual limited license to use the software, and that all litigation against the software provider has been terminated.
The company said the $4.5m payment would be included in its earnings for the second quarter ending 31 May.
Homi Patel, president and chief executive officer of Hartmarx, commented: "We are very pleased with the outcome of this matter. Our second quarter ending 31 May is traditionally our most difficult quarter, and will be even more challenging this year because of the lower spring advance orders placed last year during the height of the recession.
"The $4.5 million of earnings that will be recorded in the second quarter arising from this settlement will significantly help our first half results."
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