Pacific Brands sells unprofitable footwear, sports apparel business

Tue, 18 Nov 2014

By Suze Metherell Nov. 18 (BusinessDesk) - Pacific Brands, the Australian apparel and linen brands business, has split and sold Brands Collective, its unprofitable footwear and sporting apparel brands, recognising a A$30 million loss on the sale. The gross proceeds of the sale will be about A$39 million, compared to the carrying value of net assets which is about A$66 million, the Melbourne-based company said in a statement. It expects to recognise the $30 million loss in the June 30, 2015 financial year. The sale comes after Pacific Bra...

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