Pacific Brands Limited (ASX:PBG) has fallen to a full year loss and revealed plans to divest its Workwear Group to conglomerate Wesfarmers Limited (ASX:WES).
The clothing manufacturer of brands such as Bonds booked a net loss of $224.5 million in fiscal 2014, plunging from a net profit of $73.8 million the year before.
Over the year sales firmed almost 4 per cent to $1.3 billion on the back of retail and online expansion and the impact of acquisitions.
The company has inked a deal to sell its Pacific Brands Workwear business to Wesfarmers for $180 million, subject to approvals and clearance from Australia’s competition regulator.
Pacific Brands has also today appointed David Bortolussi as its new CEO following the resignation of John Pollaers last month.
No final dividend has been declared to assist with funding restructuring costs and restoring balance sheet strength.
