09:43 AM EDT, 03/20/2024 (MT Newswires) -- Gildan Activewear ( GIL ) shareholder Browning West said Wednesday that it is "concerned" that the apparel company's board has launched a sale process to "avoid accountability following continuous and growing support for Browning West's calls for significant board reconstitution."

"The board's reactionary sale process underscores our message to shareholders last week that a meaningful reconstitution of the board is immediately required, even before the Annual Meeting in May," Browning West said.

The activist investor said it is a long-term Gildan shareholder with a 5% stake.

Gildan said late Tuesday that several parties have expressed interest in a "friendly transaction." The company also confirmed it received a confidential non-binding expression of interest from an unnamed suitor.

Gildan didn't immediately respond to a request for comment by MT Newswires.