In its second-largest acquisition, Amazon buys the company for $970 million.
Following a long period of reorganization, Hanover Direct Inc. is once again reporting e-commerce sales. For Q3, web sales increased by 61%.
Following a long reorganization, which included lengthy delays in filing its annual and quarterly reports with the Securities and Exchange Commission, Hanover Direct Inc. is once again reporting e-commerce sales.
Hanover’s third quarter e-commerce revenues increased 61.8% to $39.5 million from $24.4 million in the same quarter in 2004. Total Q3 sales at Hanover increased to $96.8 million from $85.4 million a year earlier. In the third quarter, the web accounted for about 40.8% of total sales compared to 28.6% for the same period in 2004.
Hanover, No. 61 in the Internet Retailer Top 400 Guide to Retail Web Sites, has spent the last 18 months restructuring. For instance, in summer the company closed a fulfillment center in Lacrosse, WI, and consolidated operations at another fulfillment and distribution center in Roanoke, Va.
In addition to operating e-commerce sites and publishing catalogs for brands such as International Male, Undergear, Silhouettes, The Company Store, Company Kids and Domestications, Hanover Direct operates Keystone Internet Services, a third-party technology and fulfillment company.