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.

Research Store

Featured Video

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 November 2017 cover

See the November 2017 issue of Home Textiles Today. In this issue, we look at Complex Colors, Complex Times--Trend forecasters and interior designers weigh in on 2018 palettes and motifs.  Other articles include: Data: Exclusive HTT soft window research; Innovation: Material Changes conference preview; Country report: India invests in the future and Fabrics: Showtime preview.  See details!