HanesBrands Seeks Strategic Options For Global Champion Business

HanesBrands (NYSE: HBI) explores strategic options for its global Champion business, including a potential sale or other strategic transaction.

Champion is a global lifestyle brand with a storied heritage in sports as the pioneer of American athletic wear.

In recent years, the company has implemented significant structural improvements within Champion that have resulted in a distinction between its innerwear and activewear businesses.

"We are executing a strategy that is based on leveraging our iconic brands and competitive advantages to drive accelerated growth and profitability, while simplifying and focusing all aspects of the business," commented Steve Bratspies, CEO.

Also Read: HanesBrands Q2 Revenue Decline 5% Due To Macro-Driven Slowdown In Consumer Spending

The evaluation process is ongoing, with no set timeline, and the company will provide updates as necessary.

Financial advisors Goldman Sachs & Co. LLC and Evercore, along with legal advisors Jones Day and Kirkland & Ellis LLP, are assisting in this process.

Price Action: HBI shares are trading higher by 1.8% at $4.54 on the last check Tuesday.