Hanover Direct Chairman Resigns as Company Restructures
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.