UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT
Pursuant to Section 13 OR 15(d) of the Securities Exchange Act of 1934

Hanesbrands Inc.

(Exact name of registrant as specified in its charter)

Maryland (State or other jurisdiction		001-32891 (Commission File Number)		20-3552316 (IRS Employer
of incorporation)				Identification No.)

1000 East Hanes Mill Road		27105
Winston-Salem, NC		(Zip Code)
(Address of principal executive offices)

Registrant’s telephone number, including area code: (336) 519-4400

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

o		Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o		Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o		Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o		Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

 

TABLE OF CONTENTS

Item 2.05. Costs Associated with Exit or Disposal Activities

Item 7.01. Regulation FD Disclosure

Item 9.01. Financial Statements and Exhibits

Item 2.05. Costs Associated with Exit or Disposal Activities

On November 18, 2008, Hanesbrands Inc. (the “Company”) approved certain actions in furtherance of its efforts to execute its consolidation and globalization cost-reduction strategy. The Company has approved the closing of a yarn facility in the United States, which will result in the termination of approximately 185 employees. Operations at the facility are expected to cease by the end of 2008. The Company also approved the termination of approximately 210 employees in management and corporate functions, the majority of which are located in the United States. As a result of these actions, the Company expects to recognize gross restructuring and related charges totaling approximately $14 million before income taxes. These charges include cash charges totaling approximately $12 million, primarily related to severance costs, and non-cash charges totaling approximately $2 million, primarily related to accelerated depreciation on machinery and equipment. Substantially all of the charges will be recognized in the fourth quarter ending January 3, 2009.

Item 7.01. Regulation FD Disclosure

On November 18, 2008, the Company issued a press release relating to the matters described in this Current Report on Form 8-K. A copy of the press release is attached as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by this reference. The information contained in the press release filed as Exhibit 99.1 hereto is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, and it shall not be deemed incorporated by reference into any filing made under the Securities Act of 1933, except as expressly set forth by specific reference in such filing.

Item 9.01. Financial Statements and Exhibits

(c)

Exhibits

Exhibit 99.1		Press release dated November 18, 2008

SIGNATURES

     Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Exhibits

99.1

Press release dated November 18, 2008

Exhibit 99.1

Hanesbrands Inc.
1000 E. Hanes Mill Road
Winston-Salem, NC 27105
(336) 519-8080

		news release

FOR IMMEDIATE RELEASE

News Media, contact:		Matt Hall, (336) 519-3386
Analysts and Investors, contact:		Brian Lantz, (336) 519-7130

HANESBRANDS INC. ANNOUNCES MANAGEMENT WORKFORCE REDUCTION

Company also announces closure of yarn plant due to declining demand for certain yarn types

Winston-Salem, N.C. (Nov. 18, 2008) — Hanesbrands Inc. (NYSE: HBI) announced today that it is eliminating approximately 210 positions in management and corporate functions in order to reduce costs and navigate the challenging economic environment.

About half of the cutbacks are being made in the company’s supply chain management organization and half in the corporate functions of customer management, finance, human resources, information technology and marketing.

“Given the significant economic uncertainty, we must manage our business conservatively, and we must tightly control costs,” said Hanesbrands Chief Executive Officer Richard A. Noll. “With these actions, we are accelerating our ongoing functional consolidation and conducting additional streamlining. These are difficult but necessary actions that we must take to compete in today’s market environment and emerge as a stronger company. We regret the job losses for our very talented employees and will do everything that we can to assist in their transition.”

Employees affected by the actions will receive severance and outplacement benefits. Of the 210 positions, approximately 155 are located in Winston-Salem, 35 at various other U.S. locations, and 20 at international locations. The company has approximately 48,600 employees worldwide.

The company also announced today that it will close by year end its yarn production plant in China Grove, N.C., as a result of declining needs for higher-end ring-spun yarn used in certain underwear, sock and T-shirt products. The closure will affect 185 employees.

Hanesbrands Inc. Announces Management Workforce Reduction — Page 2

Hanesbrands expects to incur restructuring and related charges of approximately $14 million primarily in the fourth quarter for the plant and job-reduction actions, including severance costs and accelerated depreciation of fixed assets.

Hanesbrands Inc.

Hanesbrands Inc. is a leading marketer of innerwear, outerwear and hosiery apparel under strong consumer brands, including Hanes, Champion, Playtex, Bali, Just My Size, barely there and Wonderbra. The company designs, manufactures, sources and sells T-shirts, bras, panties, men’s underwear, children’s underwear, socks, hosiery, casual wear and active wear. Hanesbrands has approximately 50,000 employees in 24 countries. More information about Hanesbrands Inc. may be found on the internet at http://www.hanesbrands.com.

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