Sara Lee to Spin Off Hanes, Other Apparel Brands
Sara Lee Corp. will spin off its apparel business, including the One Hanes Place catalog, into an independent, publicly traded company as part of a major reorganization plan it announced yesterday.With the reorganization, Sara Lee aims to transform itself into a "tightly focused food, beverage and household products company," according to a statement from the company.
The company's $4.5 billion apparel business includes brands such as Hanes, Champion, Playtex, Bali and Just My Size.
Richard A. Noll, CEO of Sara Lee Bakery Group, was named the new apparel organization's president and chief operating officer. Noll will report to Lee A. Chaden, CEO of Sara Lee Branded Apparel.
Sara Lee, Chicago, is also pursuing the sale of its $450 million direct-selling business that distributes cosmetics, household products, apparel and other products under brands such as Nuvo, Nutrimetics and Naturcare in South America, Asia and Europe.
