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Gildan Goes to Bangladesh and Other First Quarter News

Here are the current highlights (and lowlights) of the biggest company serving our industries, Gildan.

The company formerly headquartered in Montreal, Canada and now located in tax-friendly and sunny Barbados reports the following:

  • Payless going bankrupt cost them a pretty penny: $2.5 million.
  • Heritage Sportswear going bankrupt cost them more than a pretty penny:  $21.7 Million. They refer to losses in the bankruptcy as “related to the wind down of the Heritage Sportswear operations .”
  • They are building a huge textile facility in Bangladesh to open in a couple years to serve International markets and “support other key sales growth drivers.”  The land purchase alone was $45million and the factory complex will be sized to accommodate approximately $500 million in sales.
  • They are selling more fleece than expected.

The entire press release for those so inclined to read the gory details as reported.

http://www.gildancorp.com/documents/Q1_2019_Earnings_Release/Q1-2019-Earnings-Press-Release.pdf

The flag of Bangladesh

 

 

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