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Business Wire 19-Sep-2023 6:43 PM
Barington Capital Group L.P. and its affiliates ("Barington"), a fundamental, value-oriented activist investor which is a shareholder of Hanesbrands Inc. (NYSE:HBI) ("Hanesbrands" or the "Company"), today issued the following statement regarding the Company's announcement that it will explore strategic options for its global Champion business.
"As we have communicated in our recent discussions with Hanesbrands' Board of Directors and management team, we believe urgent and decisive action is required to generate cash, reduce the Company's debt, and create value for all shareholders," said James Mitarotonda, Chairman and CEO of Barington.
Mr. Mitarotonda continued, "While we believe a separation of the Champion business makes strategic sense, it is critical that, despite recent performance, the Company achieves appropriate value for this iconic brand. We will continue to closely monitor further developments and urge Hanesbrands to rapidly pursue all opportunities to create long-term shareholder value."
About Barington Capital Group, L.P.
Barington Capital Group, L.P. ("Barington") is a fundamental, value-oriented activist investment fund founded in 2000 by James A. Mitarotonda. Barington invests in undervalued publicly traded companies that Barington believes can appreciate significantly in value when substantive improvements are made to their operations, corporate strategy, capital allocation and corporate governance. Barington's investment team, advisors and network of industry experts draw upon their extensive strategic, operating and boardroom experience to assist companies in designing and implementing initiatives to improve long-term shareholder value.