Hanover Direct Chairman Resigns as Company Restructures

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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.
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