Hanover Direct Inc., has completed the sale of certain assets and liabilities of the Improvements business to HSN, a division of USA Networks Inc.’s Interactive Group, for about $33.4 million.
Hanover’s Keystone subsidiary will provide fulfillment services for the Improvements business under a services agreement with the buyer for up to three years.
Last month, St. Petersburg, FL-based HSN said that it would purchase the Improvements catalog and Web site from Hanover Direct Inc.
Weehawken, NJ-based Hanover Direct plans to use the proceeds to repay approximately $5.5 million in debt.
Hanover is also pursuing opportunities to sell International Male, Gump’s Retail and its Gump’s by Mail businesses and has received interest form multiple parties to explore the possible purchase of our Silhouettes business.
The sales of those properties would support the company’s strategy of focusing on its home-style business through the Company Store, Domestications and Scandia Down brands.