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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.

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