Private investment firm Comvest Partners acquires the financially troubled e-retailer, which filed for Chapter 11 bankruptcy protection in March.
E-commerce remains the fastest growing channel at Hanover Direct Inc. In 2005 the company grew web sales by 20.3% to $142.4 million from $118.7 million in 2004.
E-commerce remains the fastest growing channel at Hanover Direct Inc. In 2005 the company grew its e-commerce sales by 20.3% to $142.4 million from $118.7 million in 2004.
At the same time, the company’s total sales grew 13% to $407 million in 2005 from $360.5 million in 2004. Overall the web accounted for 35% of all sales in 2005 vs. 33% in 2004.
In other news, Hanover, No. 40 in the Internet Retailer Top 400 Guide to Retail Web Sites, has retained investment banking firm Houlihan, Lokey Howard and Zukin to help evaluate a buy-out offer from Chelsey Direct LLC, its largest investor. Chelsey, which owns approximately 69% of the issued and outstanding shares of Hanover’s common stock, made an offer in March to acquire all outstanding common shares for $1.25 per share.
Hanover says the proposal is being evaluated by a special committee of its board of directors consisting of independent directors. The committee is expected to conclude its review by the end of April, the company says.