Shares of Hanesbrands Inc. tumbled 13% Wednesday after the company said it wasn’t renewing a contract with Target Corp. to sell an exclusive line of Champion activewear.
The company’s current contract with the big-box retailer that allows Target to sell an exclusive line as part of the Champion brand, called C9 by Champion, expires at end of January 2020, Hanesbrands said. Hanesbrands said it doesn’t expect the end of the contract to change its projection of Champion sales topping $2 billion by 2022.
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