Sara Lee updates on sale of European branded apparel business
01 Oct '05
3 min read
However, based upon the company's Sept. 3, 2005, financial statements, the impairment to be recognized in the first quarter of fiscal 2006 is expected to approximate $165 million and result in the remaining intangible assets and property of the business being written down to zero. The impairment charge to be recognized in fiscal 2006 will not result in the expenditure of cash and is incremental to the amounts disclosed in the Form 8-K filed by the company on July 20, 2005.
Chicago based Sara Lee Corporation is a global producer & marketer of high-quality, brand-name products for consumers throughout the world.In February 2005, the company began executing a bold and ambitious multi-year plan to transform Sara Lee into a company focused on its food, beverage, and household and body care businesses around the world.
As part of its transformation plan, Sara Lee will drive growth in its key categories via such strong brands as Ball Park, Douwe Egberts, Hillshire Farm, Jimmy Dean, Kiwi, Sanex, Senseo and its namesake, Sara Lee.
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