WINSTON-SALEM, N.C. — Big changes are coming to one of the Triad's largest companies.
HanesBrands said it will sell off Champion Athletic Apparel.
The brand has played a large role in the company for many years.
Hanes has agreed to give Champion to Authentic Brands Group at a value of more than a billion dollars. The brand management company is based in New York.
Hanes said the transition will maximize value for Champion and position HanesBrands for long-term success.
You may remember Hanes laid off 160 employees two months ago. At the time they shared this statement saying:
"We have made the decision to suspend operations at our Annapolis Distribution Center in Winston-Salem and repurpose the facility as we focus on improving efficiencies, streamlining our operations and reducing costs."
The company said the sale will help them pay down debts and enhance value for shareholders.
There are many questions surrounding the company's new chapter. A spokesperson for Hanes told WFMY they are not open to interviews at this time.
In a press release Wednesday, the company said closings are possible by the end of the year and that they'll offer transition services.
We are working to get answers on whose jobs will be impacted and if Hanes headquarters will remain in Winston-Salem.
Hanesbrands ranks in the top 10 employers for Forsyth County with more than 2,000 workers locally.
This is a developing story.