West Point-Pepperell Sells Divisions to Bidermann

Bidermann Industries Corp. said Friday that it has agreed to buy three divisions of Cluett, Peabody & Co. at a price an analyst said was well below what cash-strapped industrialist William Farley had hoped to get.

The purchase price was about $350 million cash and a $60-million note. The sale follows renegotiation with bankers Wells Fargo & Co. and Bankers Trust Co. of a $1.2-billion loan, which buys Farley more time to complete his takeover of Georgia-based Pepperell.