The Gildan logo is seen outside their offices in Montreal, Monday, Dec. 11, 2023. The Canadian company said on Tuesday the board has decided to put the clothing maker up for sale following a review by a special committee.
Canadian clothing company Gildan Activewear said on Tuesday that its board has decided to put it up for sale following a review by a special committee.Posted: Mar 19, 2024 3:41 PM EDT | Last Updated: 23 minutes ago
The embattled Montreal-based company says it received a non-binding expression of interest from a potential purchaser that it did not name. "The special committee determined that it was consistent with its fiduciary duties and in the best interests of Gildan to contact other potential bidders with a view to maximizing the value of any potential transaction," a company spokesperson said.Gildan has been embroiled in a battle between its top stockholders, such as investment firm Browning West, and the board, which fired co-founder and then-CEO Glenn Chamandy in December and replaced him with Vince Tyra.
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