WINSTON-SALEM, N.C. — Gildan Activewear has officially closed its $2.2 billion deal to buy Winston-Salem–based HanesBrands, a move that creates a major new player in the global apparel industry.

Gildan’s CEO Glenn Chamandy called it “an exciting new chapter,” saying the merger doubles the company’s size and brings together well-known activewear and innerwear brands. The focus now, he says, is a smooth integration and reaching at least $200 million in cost savings.

HanesBrands employs about 48,000 people worldwide and more than 2,000 in Forsyth County. The company has struggled financially in recent years, with declining sales and no annual profit since 2021. It also sold the Champion brand last year for more than $1 billion.

When the sale was first announced this summer, HanesBrands lea

See Full Page