General Mills may sell some of its businesses.

The Minneapolis-based company said Dillon, Read & Co. has been retained as investment banker to explore the possible sale of its toy and fashion businesses, which include Kenner Products, Parker Brothers, Monet Jewelers, Izod Lacoste and Ship ‘n Shore apparel. General Mills said it is studying the divestiture of these businesses because its five-year, $1.5-billion capital spending program is targeted for consumer foods and restaurants, historically the company’s areas of highest return and biggest growth.