what is the shakeup that is taking place at sara lee?
Sara Lee has big plans to strip off underwear and focus on the cheesecake. The Chicago-based company said it would spin off its $4.5 billion U.S. apparel portfolio, which includes Champion sportswear and L’eggs hosiery, into a new public company. That plan does not include its $1.8 billion European apparel unit, which the company is in the process of auctioning off. The $8.2 billion in planned divestitures, most of which are expected over the next three years, represent about 40% of the company’s total sales. The plan will organize Sara Lee into three new divisions: North American retail, which will include its bakery, meats and Senseo coffee brand; North American foodservice, which serves restaurants and food distributors; and international, which will include food, beverage and household products such as Kiwi shoe polish and Sanex shower gels. “We have a very clear vision of what Sara Lee will look like,” McMillan said on a conference call with analysts. “These (product) categories a
