Gildan news and archive

Former Gildan CEO reinstated as entire board exits

Following a campaign by activist investors to regain control of the company, all board members of Gildan Activewear have now stepped down and are to be replaced by an eight-member slate of directors proposed by shareholder Browning West. It puts into place a proposal introduced by the investment firm, which owns around 5.7 percent of the company...

Report

Gildan posts marginal drop in Q1 net sales

Gildan Activewear reported first quarter net sales of 696 million dollars, down 1 percent over the prior year driven by lower net selling prices and unfavourable mix. Meanwhile Browning West, which is campaigning to bring back former Gildan CEO Glenn Chamandy, urged its fellow shareholders to vote for all its eight director candidates at the...

ManagementFeatured

Gildan outlines strategic priorities, confirms 2024 outlook

Gildan Activewear’s president and CEO, Vince Tyra has unveiled his key strategic priorities for the company. Concurrently, Gildan also reconfirmed its 2024 full year guidance and said that the preliminary first quarter revenue is expected to come in at approximately 695 million dollars or down about 1 percent year over year. Reflecting on his...

Business

Gildan negotiates with takeover candidates, activist investor contends

The Canadian textile group Gildan Activewear Inc. confirmed on Tuesday evening that it has received a takeover bid. The parent company of the American Apparel brand, which recently caused a stir due to a controversial change in management, was responding to corresponding media reports, which had alleged the prospective buyer is the financial...

ManagementFeatured

Gildan posts increase in Q4 sales and earnings

Gildan Activewear generated sales of 783 million dollars, up 9 percent for the fourth quarter and operating margins of 22.8 percent. GAAP and adjusted diluted EPS for the quarter of 89 cents and 75 cents, increased by 89 percent and 15 percent, respectively, marking the resumption of quarterly EPS growth. The company also announced a dividend...

Report

Gildan says Browning West illegally acquired stake to take control of Board & reinstall former CEO

Gildan Activewear Inc. (GIL, GIL.TO) said that Browning West LP accumulated shares in violation of the United States Hart-Scott-Rodino Antitrust Improvements Act of 1976 as part of its misguided campaign to reinstall Glenn Chamandy as chief executive officer of Gildan. Under the Canada Business Corporations Act, shareholders are entitled to...

People

Two shareholders urge Gildan to reinstate Chamandy as CEO

Canadian investment management firm Turtle Creek Asset Management and Browning West, both longtime shareholders in Gildan have issued a letter to the company’s board urging it to reverse its termination of Glenn Chamandy and reappoint him as CEO of the company. “Over the past 40 years, Gildan has grown from a small family-owned business into a...

People

Vince Tyra to replace Glenn Chamandy as Gildan CEO

Gildan Activewear board director, president and CEO Glenn J. Chamandy has stepped down from his position. “Over the span of his 40 year career, Glenn has been a forerunner in our industry, taking Gildan from a small family-owned business to a leading apparel company with over 3 billion dollars in revenues,” Donald C. Berg, chairman of the board....

Retail

American Apparel opens first store in Los Angeles after Gildan acquisition

Upon American Apparel's return, the resilient brand is opening up a brick-and-mortar. The Los Angeles-based label is officially debut a flagship store in homage to where the brand first started. According to the Los Angeles Times, the elevated basics brand is set to open its first store since the closures last year. In February 2017,...

ManagementFeatured

Forever 21 and Amazon eyeing up bankrupt American Apparel

London - The American Apparel saga continues on in 2017, with reports that Forever 21 and Amazon are among the numerous companies vying to acquire bankrupt "Made in the USA" retailer. The teen apparel chain and online retail giant, as well as California-based apparel maker Next Level Apparel and Authentic Brands Group are all said to be in...

ManagementFeatured

American Apparel files for Chapter 11 once more

London - American Apparel has voluntarily filed for Chapter 11 bankruptcy protection in the United States once more, less than a year after it emerged from its first filing under court protection. The second bankruptcy comes as American Apparel agrees to sell its its global intellectual property rights related to the brand and certain assets to...

Report

Gildan sales growth disappoints in Q3

Montreal-based Gildan Activewear announced a slight increase in third quarter net profits to 123.1 million dollars (80.9 million pounds) or 50 cents per share, compared with 122.7 million dollars (80.7 million pounds) or 50 cents per share last year. Net sales amounted to 674.5 million dollars (443.4 million pounds), compared with 666 million...