Sara Lee Considering Selling North American Bakery Unit

Sara Lee Corp. (SLE) is considering selling its North American bakery business and has asked its financial advisers to test interest from potential buyers, The Wall Street Journal reported.

The company's advisers are speaking to companies and private equity firms that might be interested in purchasing the unit, which had $2.2 billion in annual sales, The Wall Street Journal reported without naming its sources. The company has not arranged an auction, and may not sell the unit at all.

The unit makes breads under brand names including Sara Lee and Earth Grains.

The business could go for over $1 billion. A Sara Lee spokesman declined to comment on any potential sale.