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Article: Saving Sara Lee: It's time to make tough decisions.(Opinion)(doesn't expect to meet earnings expectations)
- Article from:
- Crain's Chicago Business
- Article date:
- May 5, 2003
CopyrightCOPYRIGHT 2003 Crain Communications, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Sara Lee Corp.'s fading fortunes are a puzzle, especially considering the Chicago company's well-known consumer brands like Hanes, Playtex, Jimmy Dean meats and, yes, Sara Lee cheesecake. But during the tenure of CEO C. Steven McMillan, the company hasn't done much in the way of brand marketing or product innovation. In search of a business to spur growth, Mr. McMillan overpaid for bread baker Earthgrains and is now preparing to pay for that excess by closing plants and laying off workers.
The company is also warning that it won't meet earnings expectations. With the stock trading near a 52-week low and Wall Street getting antsy, Mr. McMillan last week ...