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Hanover Direct selling out to Chelsey Direct

Weehawken, N.J. -- Hanover Direct said today that its board had unanimously approved a cash merger agreement with Chelsey Direct, the company's largest shareholder.

In the merger agreement, Chelsey plans to pay $0.25 per share for common stock shares it does not already own. Due to its current holdings of preferred stock, Chelsey already maintains approximately 92% of the voting rights of the company.

Hanover Direct operates a range of catalogs and e-commerce sites under the brands Domestications, The Company Store, Company Kids, Silhouettes, International Male, and Undergear. The company also manufactures Scandia Down branded comforters that sell through specialty retailers.

In our most recent research, Home Textiles Today pegged Hanover Direct’s 2005 home textiles sales at $230 million.

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