The Canadian clothing brand Gildan Activewear finalized the purchase of HanesBrands Monday.
The $4.4 billion acquisition was initially announced in August, amid HanesBrands’ financial struggles.
The company has operated in Winston-Salem for more than a century, but hasn’t turned an annual profit since 2021.
In a press release, Gildan President Glenn Chamandy said the acquisition will combine each company’s strengths in activewear and innerwear, allowing them to better serve customers.
"Today marks the beginning of an exciting new chapter," Chamandy said. "By welcoming HanesBrands into the Gildan family, we are doubling our scale, combining iconic brands with our world-class, low-cost, vertically integrated platform, and unlocking a powerful engine for innovation and growth."
Gildan’s headquarters will continue to be located in Quebec. Officials say the combined company will “maintain a strong presence” in Winston-Salem.