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.