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VF closes sale of intimates business

VF Corp. has closed the $350-million sale of its global intimate apparel business to Fruit of the Loom.

The Greensboro-based apparel maker said today that the sale, first covered in the News & Record in January, of brands including Vanity Fair, Lily of France and Vassarette is complete.

In January, VF said it expected to report a loss of about $45 million, or 40 cents per share, on the sale. That announcement sent the company's stock price down about 4.8 percent.

VF officials have said they hope to focus company attention of more profitable brands and businesses, including major labels Wrangler, The North Face and Nautica. The company plans to use the proceeds from the sale to repurchase shares.

The intimates division produced about $800 million in sales during 2006.

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