Gildan Activewear to Buy HanesBrands for $2.2B

Gildan Activewear is buying the struggling HanesBrands for $2.2 billion in a deal that gives the basic apparel maker access to household name brands like Hanes and Maidenform.

The companies put the transaction’s valued at about $4.4 billion when HanesBrands’ debt is included.

Gildan, in addition to its namesake brand, also makes American Apparel and Peds.

HanesBrands’ sales have fallen for three consecutive years and it hasn’t turned an annual profit since 2021.

Read more at AP News