Pacific Brands FY loss widens on A$502.7M writedown, CEO Morphet to leave

Pacific Brands FY loss widens on A$502.7M writedown, CEO Morphet to leave
By Paul McBeth Aug. 22 (BusinessDesk) - Pacific Brands, the Australian apparel company with brands including Bonds, Sheridan, Stussy and Mossimo, widened its annual loss after writing down goodwill by A$502.7 million and said chief executive Sue Morphet will leave after five years in the job. The loss was A$450.7 million, or 49.1 Australian cents a share, in the 12 months ended June 30, from a loss of A$131.9 million, or 14.2 cents, a year earlier, the Melbourne-based company said in a statement. Sales fell 18 percent to A$1.32 billion. Unde...