Hanover non-core assets back on the block
November 11, 2003,
Edgewater, NJ — Now that the mergers and acquisitions market is recovering, as well as consumer confidence, Hanover Direct executives said that they are again pursuing buyers for its non-core assets such as Gumps, Silhouettes and International Male.
"The window of opportunity is much better than it has been to sell these non-core assets to get significant value," said Tom Shull, president and ceo, during its third quarter conference call. He added that now that its Series C preferred stock is down to $56 million, "clearly we can make real inroads to paying that off, whereas when it was at $112 million it would have been problematic."
He was also "enthused" with the prospect of its relationship with Amazon.com, though it hasn't seen any significant results yet.
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