Cataloger Hanover Direct Inc., based in Weehawken, NJ, said it sees a significant revenue reduction this year due to plans that include closing certain warehouses and selling several businesses, according to Reuters.
The company posted a net loss of 80.8 million, for 2000, up from for a 1999 net loss of $16.3 million. The firm reported 2000 net revenues of $603 million, up 9.7% from $549.9 million in 1999.
Hanover Direct said in January that it would cut 11% of its work force and close some businesses to reduce costs.
In addition, the company has hired Newmark Retail to find buyers for its Gump’s By Mail and Gump’s unit in San Francisco, as well as Brawn of California, which includes the International Male and Undergear catalogs and its 277,500-sq. ft. warehouse in Hanover, PA.
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