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Pacific Brands Limited (ASX:PBG) has extended its full year loss to $450.7 million and announced that CEO Sue Morphett has stepped down, to be replaced by John Pollaers.
The clothing manufacturer has attributed its losses to more than $500 million of non-cash write-downs on its underwear, home wares and work wear divisions, as well as $31.4 million in restructuring costs.
Pacific Brands says it is attempting to reduce ongoing costs and plans for ongoing investment in the direct to consumer market.
A final fully franked dividend of 2.5 cents per share has been declared, bringing the full year payout to 4.5 cents.
