Reuters: Mergers News: UPDATE 1-Hanesbrands to exit Europe with Imagewear sale

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UPDATE 1-Hanesbrands to exit Europe with Imagewear sale May 30th 2012, 10:35 Wed May 30, 2012 6:35am EDT May 30 (Reuters) - Underwear maker Hanesbrands Inc said it would exit Europe by selling its Imagewear division, and discontinue private-label production in the United States. Imagewear, which sells basic apparel to wholesalers in the screen-print market, accounts for 8 percent of the company's sales. Hanesbrands expects to incur non-cash pretax charges of $85 million to $95 million in the second quarter on inventory markdowns and sale of the European division. The company, which owns the Hanes, Champion and Wonderbra brands, said the restructuring initiative will reduce sales by about $60 million in the second half. Shares of the company closed at $27.89 on Tuesday on the New York Stock Exchange.

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