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NY Times 1997

The Sara Lee Corporation will shut down its Mark Cross leather-goods business and the unit's seven stores by February after failing to find a buyer for the business. The closing comes four years after Sara Lee bought the 152-year-old maker of handbags and briefcases and six months after the company started seeking a buyer for it. Sara Lee acquired Mark Cross, whose goods are also sold at some department stores, to fill a higher-end market than its Coach line was reaching, the company said. Instead, Coach has increasingly appealed to Mark Cross customers. The Mark Cross and Coach units had combined revenue of more than $500 million last year. Some Mark Cross stores may be converted to Coach stores, the company said.
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