Guys of the era, I’m pretty sure, surrendered pretty easily:
Cannon made its fame making sheets and towels and bedspreads; they came late to the hosiery game, but they did manage to get a seat at the table. This particular ad — they repeated it with variations for years — dates to 1964.
Fieldcrest-Cannon made it into the 1990s before the inevitable death spiral:
In September, 1997, Fieldcrest-Cannon was sold to the Pillowtex Corporation for $700,000,000. Sales slid, and problems began to appear as Pillowtex lost money. According to a former CEO of Pillowtex, its largest product buyer, Wal-Mart, encouraged the company to move production overseas [to remain competitive] but Pillowtex refused. It was undercut by competitors (producing overseas at lower prices) and when its prices were no longer competitive stopped (or lost) its opportunity to supplying Wal-Mart.
The Cannon brand still exists, should anyone wish to license it from its current owners.