2023-09-29 08:51:48 ET
Hanesbrands (NYSE: HBI) stock is sinking again this week. The company's share price was down 14.1% from last week's market close heading into this Friday's trading, according to data from S&P Global Market Intelligence .
Hanesbrands is losing ground in the face of macroeconomic risk factors and the possibility of a major restructuring at the company. Following pressure from activist investor Burlington Capital Group, Hanesbrands submitted a filing to the Securities and Exchange Commission last week that seemed to confirm that it was exploring a possible sale of its Champion business unit.
Champion had been a bright spot at Hanesbrands for much of the last decade. The brand enjoyed a huge resurgence in conjunction with the athleisure trend and played a big role in elevating the clothing and apparel company's overall business performance, but its popularity is waning again.
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Why Hanesbrands Stock Is Sinking This Week