WINSTON-SALEM, N.C. — Gildan Activewear is buying the struggling HanesBrands for $2.2 billion in a deal that gives the basic apparel maker access to household name brands like Hanes and Maidenform.

The companies put the transaction’s valued at about $4.4 billion when HanesBrands' debt is included.

Gildan, in addition to its namesake brand, also makes American Apparel and Peds.

HanesBrands' sales have fallen for three consecutive years and it hasn't turned an annual profit since 2021.

The North Carolina company sold its Champion brand last year to Authentic Brands Group for more than $1 billion. In February Target announced a multiyear strategic partnership with Champion, with products from the brand rolling out in the retailer’s store and on its website starting this month.

“As part o

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