Hanesbrands has drawn an activist investor who is pushing the underwear company to make changes to its board and other moves to reverse a slide in its stock. Winston-Salem, N.C.-based Hanesbrands is known for making clothing under its namesake brand, as well as Champion and Bonds. The stock plummeted earlier in the year after Hanesbrands said it would eliminate its dividend to shore up its balance sheet. In its letter, Barington argues that Bratspies’ experience “has not prepared him" for the role at Hanesbrands, which lost its chief financial officer earlier in the year. Barrington said it believes Hanesbrands has a recognized portfolio of brands with strong distribution online and through other retailers.

Source: Wall Street Journal August 08, 2023 11:20 UTC