HanesBrands Inc. has announced plans to move its corporate offices at 1000 E. Hanes Mill Rd. in Oak Summit down the road to the heart of Winston-Salem, North Carolina. The move will take place in early 2025.
According to HanesBrands, the company’s new downtown location will fit its strategy as it “focuses on strengthening its operating model, simplifying the business, and streamlining operations.” The says the newly renovated, modernized space will provide HanesBrands associates with an energetic environment that promotes collaboration and innovation while driving its strategic growth initiatives forward.
“We are excited to have a continued presence in the city where HanesBrands began more than 120 years ago,” said company CEO Steve Bratspies. “We are confident the downtown area will offer opportunities for connectivity among associates who are passionate about executing with excellence for our consumers and customers around the world.”
Move Follows Sale of Champion Business
The move comes a month after it was announced the company will be selling its Champion business to Authentic Brands Group for $1.2 billion in an effort to bolster its overall financial position.
Explaining the reasons for the sale, Bill Simon, chairman of the board for HanesBrands, said, “Following a thorough review of options for the global Champion business…we believe [the agreement] maximizes value for Champion and best positions HanesBrands for long-term success. Importantly, we believe this transaction will enable the company to accelerate its debt reduction while positioning HanesBrands to deliver consistent growth and cash flow generation through a focused strategy on advancing its leading innerwear brands and optimizing its world-class supply chain.”
In discussing the sale Bratspies said, “Over the past three years, we have taken necessary actions to enhance the company’s operations and financial performance—returning to historical gross margins, reducing our cost structure, lowering our debt levels and generating consistent cash flow…As we begin the next chapter for HanesBrands, we believe we’re in an even stronger position to further extend our leadership in innerwear, pursue new cost reduction opportunities as we ensure we have the right operating structure in place, and advance our multi-year flywheel to drive strong shareholder returns.”
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