HanesBrands will permanently lay off 75 employees and close its High Point distribution center in North Carolina around Jan. 31, according to a report filed with the NC Department of Commerce, following its sale of Champion to Authentic Brands Group (ABG) in Sep. The facility was primarily geared towards its Champion business.
HanesBrands sold the iconic brand to ABG for $1.2 billion and expects to use the proceeds to pay down long-term debt before the end of the year.
Gildan seeks to acquire HanesBrands and hopes to achieve cost synergies worth $200m three years out.
Just after Adidas reported better-than-forecast preliminary results for Q4 that included 19 percent sales growth, the company confirmed that there will be layoffs at the company’s headquarters.
Hanesbrands, which reached an agreement to divest its global Champion business and exited its U.S. outlet store network in July, is moving forward with a more focused, simplified business structure focused on the remaining brands in its portfolio. In H2, the company will pay down approximately $1 billion in ...
The multi-brand group now owns 51% of Guess’s IP whilst management retains full operational control, making the fashion brand Authentic’s second-largest asset.
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