Sara Lee to Spin off Leather Goods Firm
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Sara Lee Corp. filed to spin off leather manufacturer Coach Inc. in a stock sale worth $140 million. Coach, which makes handbags, gloves, outerwear and scarves, will trade on the New York Stock Exchange under the symbol COH, according to Sara Lee’s filing with the Securities and Exchange Commission. The spinoff is part of Chicago-based Sara Lee’s plan to whittle down a widespread collection of businesses obtained in the last quarter-century. Sara Lee shares fell 50 cents to $17.75 on the NYSE.
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