St. Louis-based textile, rental, and healthcare linen management services marketer Angelica Corp. plans to sell its Life Uniform retail division. As was previously announced, Angelica retained the investment bank Morgan Joseph & Co. to review strategic alternatives. As of Jan. 31, Life Uniform operated 228 stores, as well as catalog, e-commerce and on-the-job shopping platforms.
Angelica also said it will reclassify the assets and liabilities on the balance sheet relating to the Life Uniform division as discontinued operations for the quarter ending May 1, and classify the results of operations of Life Uniform as discontinued operations. Although Life Uniform will be classified as discontinued operations, the company intends to continue to operate the division.