Levi Strauss is selling a sportswear unit.
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Under a revised letter of intent, the San Francisco-based blue jeans company is selling Koret of North America through a leveraged buyout to a group including Oppenheimer & Co. and members of Koret management but excluding Koret President Richard Banks. Under an original agreement June 20, Banks was to have participated. The transaction, terms of which were not disclosed, is expected to be completed by Sept. 30. Koret, bought by Levi in 1979, makes women’s sportswear.
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