HanesBrands Inc. has been sold for $4.4 billion to Canadian competitor Gildan Activewear in a deal that would play a major role in consolidating the U.S. basic apparel marketplace.

The companies disclosed Wednesday the deal is valued at $2.2 billion in Gildan stock and another $2.2 billion in acquiring HanesBrands corporate debt and some underfunded pension liabilities.

The manufacturers said the sale could close by the end of the year, which would end HanesBrands’ run as an independent, former Fortune 500 business.

HanesBrands began producing goods in Winston-Salem in 1901.

HanesBrands relocated its corporate headquarters to downtown Winston-Salem in February. The downtown office has a workforce of about 500.

The manufacturers said in a joint news release that they "will maintain a s

See Full Page