Sale of Improvements Completed

Weehawken, NJ--Multititle cataloger Hanover Direct has completed the sale of do-it-yourself tools title Improvements to HSN, a division of USA Networks’ Interactive Group, for $33.4 million. Hanover's Keystone subsidiary will provide fulfillment services for Improvements under a services agreement with HSN for up to three years. Hanover plans to use the proceeds to repay approximately $5.5 million in debt.

But Hanover’s not done divesting titles. Other properties on the block include the International Male apparel catalog, upscale gifts book Gump's by Mail, and the Gump’s store in San Francisco. Hanover plans to retain its core businesses, including home goods catalogs The Company Store and Domestications.