Board shake-up as new owner recaps Hanover

EDGEWATER, NJ — Hanover Direct reconstituted its board of directors in the wake of a recapitalization that shifted control of the company to hedge fund Chelsey Direct.

Hanover added Donald Hecht as a new 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.