After selling one of the company’s companies earlier this year, HanesBrands Inc. just announced that it would shut down one of its American businesses. Over the next few months, the stock will likely experience 75 layoffs as a result of the closing.
By January 31st, HanesBrands plans to shut down the High Point Distribution Center, according to Business North Carolina. The organization noted that 75 job cuts may result from the closing of the distribution center, according to a worker revision and retraining notice filed with the North Carolina Chamber of Commerce.
Following the sale of HanesBrands ‘ Champions brand to Authentic Brands for$ 1.2 billion, the High Point Distribution Center is closing. Business North Carolina reported that Authentic Brands include Reebok, Brooks Brothers, Eddie Bauer, and Rockport.
According to the company,” The High Point Distribution Center’s activities were generally focused on satisfying the needs of the Champion company business,” according to a recent filing with the North Carolina Chamber of Commerce.
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Some of the company’s effected people have already been informed and will be fired at the end of December, according to Business North Carolina, while other people may be notified in the coming weeks and will be fired by January 31.
Chairman of the HanesBrands Board of Directors, Bill Simon, mentioned the company’s sales of the Champion product in a press release in which he stated,” We are pleased to have reached this partnership with Authentic Brands Group, which we believe maximizes the value for Champion and best roles HanesBrands for long-term achievement.”
Simon explained that the price of Champion had “accelerate its bill reduction” and help the business “deliver continuous development and cash flow generation” by advancing the business ‘ “innerwear businesses” and strengthening its supply chain.
In a Thursday press release, HanesBrands said it had” completed sale of the global Champion business, subsequent to the third-quarter” and is “on track to pay down approximately$ 1 billion of debt in the second-half of 2024”.
