Hanover Direct Chairman Resigns as Company Restructures

Share this article:
Hanover Direct Inc. said yesterday that Eloy Michotte has quit as chairman. Also departing from the board of directors is Alan Grieve.


The moves come in the wake of Weehawken, NJ-based Hanover's restructuring of financial terms with Richemont Finance SA and Congress Financial Corp.


In a document filing with the Securities and Exchange Commission, Hanover said it has bought back common stock and Series A preferred stock from Richemont.


The deal with Congress Financial is a credit amendment. Hanover has paid the company $500,000 to extend its line of credit, giving Congress Financial a say in how the cataloger undertakes future asset transactions.
Share this article:
You must be a registered member of Direct Marketing News to post a comment.
close

Next Article in Multichannel Marketing

Sign up to our newsletters

Follow us on Twitter @dmnews

Latest Jobs: