New investor renews Hanover profit hopes

Lillo, Andrea
November 2003
Home Textiles Today;11/17/2003, Vol. 25 Issue 12, p2
Trade Publication
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.


Related Articles

  • Hanover Direct Takeout Flails. Catton, Grant // Mergers & Acquisitions Report;6/26/2006, Vol. 19 Issue 25, p3 

    Reports on the lack of offer for the online retailer Hanover Direct Inc. Reason behind the lack of offer for the retailer; Per share offer made by the hedge fund Chelsey Direct LLC to acquire the retailer; Percentage of stake of Chelsey Direct in Hanover Direct; Earning on sales generated by the...

  • Around the State: North.  // njbiz;11/27/2006, Vol. 19 Issue 48, p31 

    The article offers news briefs from northern New Jersey as of November 27, 2006. Hanover Direct is selling its remaining outstanding shares to largest shareholder Chelsey Direct. Work-flow management solution provider Authentidate Holding launches a new online service in collaboration with the...

  • Valuations, lawsuit hamper Hanover. Del Franco, Mark // Multichannel Merchant (Penton Media, Inc.);Feb2007, Vol. 3 Issue 2, p8 

    The article reports on the lawsuit filed by Hanover Direct shareholders claiming that the price offered by Chelsey Direct in acquiring the firm is not fair. The plaintiffs stated that aside from the price, the fiduciary duties of due care and loyalty to the minority shareholders and their duty...

  • Hanover Direct Selling Out to Chelsey Direct.  // Home Textiles Today;11/27/2006, Vol. 27 Issue 43, p8 

    The article reports on the approval of a cash merger agreement by the board of directors of Hanover Direct with Chelsey Direct. Chelsey Direct is the largest shareholder with 92% voting rights in Hanover Direct. Hanover Direct operates a number of e-commerce sites, including the brands...

  • What's in it for private companies.  // Accountancy;Jan1992, Vol. 109 Issue 1181, p34 

    Deals with employee share ownership plans (ESOPs) in Great Britain. Flexible form of corporate finance which encourages employee share ownership and participation; Changes to the Companies Act and the tax rules; Possibility of statutory ESOPs.

  • RETAIL briefs.  // Home Textiles Today;12/8/2003, Vol. 25 Issue 14, p2 

    Reports developments related to home furnishings industry in the U.S. as of December 8, 2003. Retirement of Don Harris as executive vice president for general Merchandise for Wal-Mart Stores Inc.; Completion of the recapitalization of Hanover Direct Inc.; Construction of a new regional...

  • Hanover direct cutting 550 jobs in realignment.  // WWD: Women's Wear Daily;12/23/1996, Vol. 172 Issue 118, p7 

    Details Hanover Direct Inc.'s plans for a major cost-cutting restructuring. Reorganization of its catalog operations; Closure of excess telemarketing and warehouse operations; Number of jobs to be cut from the company.

  • Catalog brings out the kid in textiles. Nicksin, Carole // Home Textiles Today;04/24/2000, Vol. 21 Issue 33, p8 

    Reports on Hanover Direct Inc.'s Company Kids catalog. Emphasis of color, fun, themed vignettes and kids; Market for youthful home furnishings.

  • How to double your money in a rebounding direct-mail retailer. Sivy, Michael // Money;Nov93, Vol. 22 Issue 11, p58 

    Focuses on Hanover Direct, formerly Horn & Hardart, which is changing its name to reflect its new catalogue retailing business. Predictions that the stock may double over the next three years; Comment from Mark Boyar, president of Boyar Asset Management; More.


Read the Article


Sorry, but this item is not currently available from your library.

Try another library?
Sign out of this library

Other Topics