PARIS — Eager to sell its troubled apparel business in Europe, Sara Lee Corp. has tapped Goldman Sachs to broker a transaction, according to a spokeswoman for the Chicago-based food and apparel giant.
Last week, Sara Lee distributed an internal memo to employees informing them of the decision.
The firm has been reviewing strategic options for its European apparel business, which had sales of $1.6 billion last year, since last spring.
Its intimate apparel sales in Europe have been dwindling for some time. Sara Lee said sales of its intimate apparel brands fell 4 percent in Europe in the three months ended Oct. 2.
In the previous quarter, European sales of intimate apparel declined 9 percent, Sara Lee said. The firm operates the Dim, Playtex, Unno, Wonderbra, Berlei and Gossard lingerie brands in Europe. It also produces in-house lingerie collections in the U.K. for retailers including Marks & Spencer.
The company is understood to be seeking to sell the division as a whole and not brand by brand.
Few of its brands are seen as winners in Europe, with Dim, the midprice French innerwear firm, the only shining star. But Dim’s strong performance in France has not been enough to offset declines elsewhere, notably in Spain and the U.K.
Earlier this month, Sara Lee said it will close a factory in Killarney, Ireland, which employs 92 workers.