HanesBrands Inc. announced on September 30, 2024, the completion of the sale of its global Champion business to Authentic Brands Group. This transaction included the intellectual property and certain operating assets of the Champion brand.
The divestiture represents a major milestone in HanesBrands' strategy to strengthen and simplify its business operations. CEO Steve Bratspies stated that this move positions the company for an optimal future path.
As a direct result of this successful transaction, combined with internal cash generation, HanesBrands expects to pay down approximately $1 billion of debt in the second half of 2024. This debt reduction is a key financial objective for the company.
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