05:02 PM EDT, 09/30/2024 (MT Newswires) -- HanesBrands ( HBI ) said late Monday that it has completed the sale of the intellectual property and some operating assets of its global Champion business to Authentic Brands Group.

The company said it expects the sale to help pay down about $1 billion of debt in the second half of 2024.

"Looking ahead, we believe we are well-positioned to generate strong shareholder returns over the next several years through topline growth, margin expansion, double-digit earnings per share growth, and further deleveraging of our balance sheet," said CEO

Steve Bratspies.

Price: 7.32, Change: -0.03, Percent Change: -0.41