Hanover Direct control moves to hedge fund

Edgewater, NJ — Hanover Direct said today that it has completed the recapitalization of its company with hedge fund Chelsey Direct, which now controls the company.

Hanover agreed to exchange 564,819 shares of a newly issued Series C preferred stock and 81,857,833 shares of newly issued common stock for the 1,622,111 shares of Series B preferred stock previously held by Chelsey Direct.

Hanover also reconstituted its board, adding Donald Hecht as a director. Hecht has managed Hecht & Company, an accounting firm, since 1966. Also joining the board are Stuart Feldman, a principal of Chelsey Direct, and William Wachtel, managing partner of Wachtel & Massyr. In connection with the recapitalization agreement, Jeffrey Sonnenfeld, Ken Krushel and Pen James have resigned from the board.

Home & Textiles Today Staff | News & Commentary

 Home Textiles Today is the market-leading brand covering the home and textiles markets, offering a comprehensive package of print and online products. Home & Textiles Today provides industry news, product trends and introductions, exclusive industry research, consumer data, store operations solutions, trade show news and much more.

Featured Video

  • Live From New York: Fashion Comes Across the Pond

    Camera Icon More Videos

Subscribe to
Home & Textiles Today eDaily
Receive the news you need to know about the trends in the industry delivered right to your inbox.

CURRENT ISSUE

HTT Current issue for September 2017

See the September 2017 issue of Home & Textiles Today. In this issue, we look at the Attack of the Killer Third Tier: Monster off-pricers are climbing to the top of the food chain, plus New Products: 40 pages of new products debuting at the New York Home Fashions Market; Home Stores: TJX unveils first U.S. HomeSense store; Clicks to Bricks: Boll & Branch moves from digital to physical retailing; and much more... See details!