Hanover Direct said yesterday that it has completed the sale of its Improvements catalog and Web site business to television shopping network HSN, a division of USA Networks Inc.'s Interactive Group, for $34.4 million.
The news comes two weeks after the Weehawken, NJ-based cataloger said it intended to sell the catalog and Web site to HSN, St. Petersburg, FL.
The sale also includes the use of Hanover's Keystone subsidiary, which will provide fulfillment services for the Improvements business for HSN for three years.
The acquisition of Improvements — a niche catalog featuring home and garden products — allows HSN to expand into the mail-order business.
Hanover now is looking to sell its International Male, Gump's Retail, Gump's By Mail and Silhouettes catalogs and sites. Their sale is meant to help Hanover improve its financial position and focus more on home-style properties such as The Company Store, Domestications and Scandia Down.