Hanover Direct appoints former Linens ‘n Things executive as CFO
Hanover Direct, an online and catalog retailer of home furnishings, apparel and gifts, has appointed John Swatek as senior vice president, treasurer and CFO effective next month. Swatek takes over at a time when Hanover is restating financial records going back to 1999 and participating with a government inquiry into its financial reporting.
Swatek, a veteran retail executive who most recently served as vice president and controller of Linens ‘n Things Inc., replaces Charles F. Blue, who resigned effective March 8. Swatek will report to CEO Wayne P. Garten, who has served as acting CFO since Blue’s departure. The company has not commented further on Blue’s departure.
Prior to Linens ‘n Things, Swatek was senior vice president of finance for Micro Warehouse.
Hanover operates retail web sites and catalogs under brands including Domestications, The Company Store, Company Kids, Silhouettes, International Male, Undergear and Scandia Down. Hanover also offers fulfillment services to online retailers through its subsidiary, Keystone Internet Services LLC.
Hanover, which is cooperating with the Securities and Exchange Commission in an informal inquiry of the company’s financial statements, said it does not expect to file in a timely manner its 10-K financial statement for the fiscal year ended Dec. 25, 2004. Hanover is in the process of finishing restatements its financial statements for the fiscal years 1999 through 2003 and for several quarters in 2003 and 2004.
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