These job cuts come as Hanesbrands seeks to navigate the current economic market. Inflation has been weighing on companies and consumers alike. As such, it’s no surprise that layoffs are affecting the clothing company as consumers reduce spending.
While there are no hard details on the Hanesbrands layoffs, that may change in the coming week. Hanesbrands is set to release its latest earnings report on Feb. 2, 2023. It’s possible that the company will include more insight into the job cuts at that time.
Kirk Saville, a spokesman for Hanesbrands, told the Winston-Salem Journal the following about the layoffs:
“We continue to operate in a very challenging environment, and we must focus on controlling costs as we continue to execute our Full Potential plan […] As a result, we made the difficult decision to eliminate a number of positions across our company. These are valued associates, and we thank them for their many contributions to HanesBrands.”
Hanesbrands Joins Layoffs Trend
Several companies have been announcing layoffs today as they deal with the current economy. Those in the tech sector are behind many recent layoffs, but there are also others that investors will want to read up on. For example, automotive company Ford (NYSE:F) announced layoffs in Europe today.
HBI stock is down slightly as of Tuesday morning.
Investors can find more of the latest stock market news at the links below!
We’ve got all of the hottest stock news traders need to know about on Tuesday! A few examples include what’s happening with shares of Lululemon Athletica (NASDAQ:LULU), Mullen Automotive (NASDAQ:MULN) and MicroCloud Hologram (NASDAQ:HOLO) stock today. You can read up on that news at the following links!
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On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.