NEW YORK — Kellwood Co. said Wednesday it will exit several businesses, including intimate apparel, and reduce its earnings outlook for the second quarter and fiscal 2005.
The company will also get out of private label men's wear — excluding its Smart Shirts subsidiary — and Kellwood New England, which includes David Brooks and Pink Poodle. It will restructure its Oakland operation by exiting several labels to better focus on developing the Koret brand.
Kellwood is reviewing its alternatives for each of the businesses it will jettison and will consider the sale of all or some of these divisions and brands. The annual sales associated with the divisions and brands are expected to be about $334 million and the pre-tax operating loss $8.3 million for fiscal 2005.
"Our decision to exit non-strategic businesses represents an important step in a series of initiatives that we believe will help reestablish Kellwood as a premiere marketer of branded apparel and related soft goods," Robert C. Skinner, Jr., president and chief executive officer, said in a statement.
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