Activist Investor Barington Pushes For Major Overhaul At Hanesbrands: Report
Portfolio Pulse from Michael Cohen
Activist investor Barington Capital has acquired an undisclosed stake in Hanesbrands Inc. (NYSE:HBI) and is urging the company to make significant changes to its board and enact strategies to reverse the decline in its stock value. Barington is pressing Hanesbrands to appoint new board members with expertise in apparel and manufacturing and is considering the possibility of a new CEO. The firm is also urging Hanesbrands to reduce costs by at least $300 million annually and decrease its inventory levels.
August 08, 2023 | 2:39 pm
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Hanesbrands Inc. is facing pressure from activist investor Barington Capital to make significant changes to its board and enact strategies to reverse the decline in its stock value. Barington is also urging the company to reduce costs and decrease inventory levels.
The news of Barington Capital's push for major changes at Hanesbrands, including board overhaul and cost-cutting measures, is likely to create uncertainty among investors, potentially leading to a short-term negative impact on the company's stock price.
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