Sara Lee to Restructure: Sara Lee Corp.,...

Sara Lee to Restructure: Sara Lee Corp., the third-largest U.S. food company, said it is negotiating to restructure its $2.3-billion food service business. Sara Lee would retain its PYA/Monarch food service division in the Southeast, including its Morco division, and transfer PYA/Monarch’s northern division to a new company. Sara Lee said the majority of the new firm would be owned by management and outside investors. A spokeswoman said the company would retain food service operations generating $1.3 billion in revenue. In December, Sara Lee sold its Lyon’s Restaurants chain to members of the group’s management.