| Item 2.01 | Completion of Acquisition or Disposition of Assets. |
As previously announced, on June 4, 2024, Hanesbrands Inc. (the “Company”) entered into a Stock and Asset Purchase Agreement (the “Purchase Agreement”) with ABG-Champion LLC (f/k/a ABG-Sparrow IPCo LLC), a Delaware limited liability company (“Authentic”), and, solely for purposes of Section 11.17 of the Purchase Agreement, Authentic Brands Group LLC, a Delaware limited liability company, pursuant to which the Company agreed to sell the intellectual property and certain operating assets of the Company’s global Champion business (the “Business”) to Authentic (the “Transaction”). On September 30, 2024, the Company completed the previously announced sale of the Business to Authentic.
The Company will continue to provide certain transition services to Authentic and will continue to operate the Business in certain sectors and geographies through a transition period ending on January 31, 2025 (the “Deferred Business”). At the end of the transition period, Authentic or one or more of its designees will purchase from the Company certain remaining assets of the Deferred Business. As previously disclosed, the Transaction excluded the operating assets of the Business in Japan and the Company will continue to operate the Business in Japan as a licensee of Authentic.
The material terms of the Purchase Agreement, including the consideration to be received by the Company at the completion of the Transaction, were previously reported in Item 1.01 of the Current Report on Form 8-K filed on June 6, 2024, with the U.S. Securities and Exchange Commission, all of which are incorporated herein by reference.
| Item 5.02 | Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. |
As previously disclosed, Vanessa LeFebvre, the Company’s President, Activewear – Global, ceased employment with the Company upon the closing of the Transaction.
| Item 7.01 | Regulation FD Disclosure. |
On September 30, 2024, the Company issued a press release with respect to the closing of the Transaction, a copy of which is attached hereto and furnished as Exhibit 99.1.
| Item 9.01 | Financial Statements and Exhibits. |
(b) Pro Forma Financial Information.
The unaudited pro forma condensed financial information of the Company giving effect to the Transaction is filed as Exhibit 99.2 hereto and is incorporated herein by reference.
(d) Exhibits
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Exhibit No. | | Description |
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| 10.1 | | Stock and Asset Purchase Agreement, dated as of June 4, 2024, by and among Hanesbrands Inc., ABG-Sparrow IPCo LLC, and, solely for purposes of Section 11.17, Authentic Brands Group LLC (incorporated by reference to Exhibit 10.1 to Hanesbrands Inc.’s Current Report on Form 8-K filed June 4, 2024 (File No. 001-32891) filed June 6, 2024).* |
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| 99.1 | | Press Release dated September 30, 2024. |
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| 99.2 | | Unaudited Pro Forma Consolidated Financial Information. |
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| 104 | | Cover Page Interactive Data File (embedded within the Inline XBRL document). |
| * | Certain schedules and exhibits have been omitted pursuant to Item 601(a)(5) of Regulation S-K. The Company agrees to furnish supplementally to the U.S. Securities and Exchange Commission a copy of any omitted schedule or exhibit upon request. |
