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WNN Money: Sara Lee Down on Boycott Fears
Dateline Wall Street - April 10, 2006
Chicago-based Sara Lee Direct, LLC (NYSE: SLE), makers of fine bakery
goods, housewares, and apparel closed down $0.14 at $17.79 per share
today. Driving this downturn was fear on the street about the potential
impact of latino-based economic boycotts in support of recent protests.
"If the latino community goes ahead with their one day economic boycott
on May 1, it could be devastating to one of Sara Lee's core businesses,"
said an anonymous account manager at JT Marlin Inc, "There is no doubt
that Hanes would lose millions in tank top sales that day."
Indeed Hanes, owned by Sara Lee Direct, derives much of its income from
white tank top sales, known on the streets as "wife-beaters". Should
the economic boycott go through as planned, it would have an enormous
economic impact on the company.
"We are most definitely bracing for the full impact of this," said
Chairwoman and CEO Brenda C. Barnes, "We hope that the urban
african-american male and suburban white male demographics can carry us
through this tough time, but really in the tank top market our two
top demographics are latinos and southern white males."
Related markets had a mixed reaction to the news. Aftermarket auto
accessories seemed unphased, while other major clothing manufacturers
such as Converse and Dickies seemed to be eagerly watching, and waiting.
For WNN this is Patently Offensive reporting.
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Last Updated: February 12, 2012
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