HanesBrands has "Substantially Completed" Discontinuation of its Outer Banks and Private-label Operations
As part of its recent third-quarter results press release, HandsBrands Inc. announced that it has "substantially completed" the discontinuation of its private-label and Outer Banks domestic operations. From the press release:
"On May 30, Hanes sold its European imagewear business, and the company has substantially completed the discontinuation of its private-label and Outer Banks domestic imagewear operations serving wholesalers that sell to the screen-print industry. In accordance with GAAP requirements, the company reported results for the second and third quarters on a continuing-operations basis and revised prior-period results to reflect continuing operations. The company's branded printwear operations will continue to operate and serve the branded domestic screen-print market."
Yesterday's announcement continues a course of action the company first announced in May of this year. On May 30 the company sold its European imagewear division for 15 million euros, and said it planned on discontinuing production of its private-label lines, including supplier Outer Banks. HanesBrands will continue to support the promotional products industry through its branded printwear division, which includes the Hanes and Champion lines.
More information on the discontinued operations can be found on the HanesBrands corporate website at http://tiny.cc/HanesBrandsIR. The HanesBrand newsroom also provides prior press releases as well as media and product contacts.
For more information, visit www.hanesbrands.com.