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Hanover board shifts

Edgewater, NJ — Hanover Direct is reconstituting its board of directors following the approval of a recapitalization agreement making Chelsey Direct, LLC its controlling shareholder.

The company's Transactions Committee approved the agreement. It will also require the approval of Hanover's major lender, Congress Financial Corp., as well as the American Stock Exchange.

Jeffrey Sonnenfeld, Ken Krushel and Pen James have resigned from the board. Stuart Feldman, a principal of Chelsey Capital, LLC, a private hedge fund, and William Wachtel, a managing partner of Wachtel & Masyr, have joined the board. Donald Hecht will also be appointed to the board. Hecht has managed Hecht & Company, an accounting firm, since 1966.

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