Gildan Activewear is in talks to acquire HanesBrands for nearly $5 billion, according to the Financial Times of London. Both companies already have a significant presence in the Triad. Both the Financial Times of London and Bloomberg cited unnamed sources they said were in a position to know.

Winston-Salem-based Hanesbrands may soon have a new owner. The Financial Times reports the company is in talks to be acquired by Canada’s Gildan Activewear in a nearly $5 billion deal. Hanesbrands has struggled in recent years with falling sales and higher costs. It’s been selling assets — including its Champion label — to help pay down debt.