TITLE

New investor renews Hanover profit hopes

AUTHOR(S)
Lillo, Andrea
PUB. DATE
November 2003
SOURCE
Home Textiles Today;11/17/2003, Vol. 25 Issue 12, p2
SOURCE TYPE
Trade Publication
DOC. TYPE
Article
ABSTRACT
Hanover Direct Inc. hopes to return to profitability through a recapitalization agreement with Chelsey Direct LCC and Regan Partners LP. The proposal will give Chelsey Direct a majority equity and voting interest. The company overall experienced a year-to-date sales decline of 7.4 percent, or $305 million. Under Hanover's new agreement with Chelsey Direct and Regan Partners, Chelsey Direct will exchange its preferred stock for new issues of preferred and common stock. The new common shares will have an effective price of 69 cents per share.
ACCESSION #
11451602

 

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