Authentic Brands Group clinched the acquisition of Champion from HanesBrands Inc. in a deal worth slightly over $1 billion after weeks of bidding. The acquisition, expected to be finalized by late May or early June, raises concerns about potential job losses globally as Authentic Brands plans to outsource much of Champion’s operations. Champion’s declining sales, attributed to decreased collaborations and strategic shifts, saw a 23% drop in global sales in Q4 2023. For HanesBrands, the sale offers financial relief amid net debt of $3.1 billion and declining revenues. Champion, founded in 1919, offers a wide range of athletic apparel and maintains profitable deals with universities nationwide.