GRACE <GRA> COMPLETES RETAIL UNIT SALE W.R. Grace and Co said it completed the sale of its Bermans The Leather Experts retail business to a new company in a management led buyout. Grace received 99.3 mln dlrs cash and will record a pretax gain of about 37 mln dlrs in the first quarter, the company said. An additional pretax gain of 19 mln dlrs will be deferred until realization is more fully assured, it said. The diversified chemical and industrial company said the sale completes its program to divest retail operations. In addition to the cash payment, Grace received warrants to buy up to 47.5 pct of the new company and has reinvested about 19 pct of the proceeds in debt of the new firm. Financing was provided by Prudential Insurance Co of America and affiliates.