Authentic Brands Group has won a bidding war to buy Champion from HanesBrands Inc. for just over one billion dollars. A source close to the situation confirmed this to WWD, saying the deal should be finalized by the end of May or early June.
Though no formal agreement has been signed yet, it’s expected to happen sometime withing the next few days. This move could affect many jobs worldwide at Champion, as Authentic usually outsources manufacturing, design, and operations to other companies.
HanesBrands put Champion up for sale last year after the brand has been struggling, asking for 1.4 billion dollars, according to reports.
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