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Hanesbrands (NYSE:HBI) increased by 3% amid a report that the clothing maker’s Champion brand has seen multiple offers in a sale process.
According to Women’s Wear Daily, Hanesbrands has set $1.4 billion as the starting point for a bid for the Champion brand. report Thursday.
Bids for the first round were due Wednesday, WWD previously reported. While it is not known who submitted the bids, Authentic Brands and G-IIII Apparel (GIII) have shown interest in the process, according to the report.
In September, Hanesbrands (HBI) announced that it is evaluating strategic options for Champion’s global business. The Board will consider a wide range of alternatives to maximize shareholder value, including a potential sale of the Champion business or other strategic transactions.
A potential sale of Champion comes after activist investor Barington Capital Group in August called for a change at HanesBrands (HBI) to reduce costs and debt, and said new leadership may be needed.