Pacific Brands to sell workware unit to Wesfarmers after impairments led to full-year loss

Tue, 26 Aug 2014

By Suze Metherell Aug. 26 (BusinessDesk) - Pacific Brands agreed to sell its workwear unit, which owns the Hard Yakka and King Gee clothing brands, to Wesfarmers after impairments against the business resulted in a full-year loss. The Melbourne-based clothing and linen company said gross proceeds of the sale would be A$180 million, although profit on the sale would be about A$35 million before its share of corporate and service costs. Net proceeds would be used to repay debt, it said. Pacific Brands announced non-cash impairments of go...

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