Hanover Direct completes the transition from public to private company
Cataloger and online retailer Hanover Direct Inc. is now a private company.
Following approval of the deal at the company’s annual meeting on April 12, Hanover merged with Chelsey Direct LLC, its largest shareholder.
Under the specific terms of the merger agreement holders of shares of Hanover common stock, other than shares owned by Chelsey and its affiliates and shareholders who elect dissenter`s appraisal rights, will be paid the cash merger consideration of 25 cents per share, the company says. Wayne Garten also will continue as Hanover`s president and CEO, Hanover says.
Hanover, No. 73 in the Internet Retailer Top 500 Guide, reported web sales of $167.6 million for fiscal 2006, up 18.6% from $141.3 million in 2005.
In recent years Hanover has overcome significant financial and operations problems to remain in business. But the web remains a bright spot. E-commerce revenue accounted for 44.9% of total sales of $415.7 million in 2006 vs. to 39.2% of total sales of $407.4 million in 2005.
Back...
