Barington Capital: Separation of Hanesbrands’ Champion ‘makes strategic sense’

Barington Capital Group, a fundamental, value-oriented activist investor which is a shareholder of Hanesbrands, issued the following statement regarding the company’s announcement that it will explore strategic options for its global Champion business. “As we have communicated in our recent discussions with Hanesbrands’ Board of Directors and management team, we believe urgent and decisive action is required to generate cash, reduce the company’s debt, and create value for all shareholders,” said James Mitarotonda, Chairman and CEO of Barington. Mitarotonda continued, “While we believe a separation of the Champion business makes strategic sense, it is critical that, despite recent performance, the Company achieves appropriate value for this iconic brand. We will continue to closely monitor further developments and urge Hanesbrands to rapidly pursue all opportunities to create long-term shareholder value.”