GUMP'S BUYER LOOKS TO REVAMP THE LUXE SAN FRANCISCO RETAILER.(Hanover Direct sells Gump's home furnishings brand to venture capitalists)
HFN: The Weekly Newspaper for the Home Furnishing Network, February, 2005 by Rudnick, Michael
Byline: Michael Rudnick
SAN FRANCISCO-Home products direct marketer Hanover Direct has finally found a new home for its Gump's luxury gift and home furnishings brand.
Hanover Direct signed a purchase agreement, to be concluded in March, for the sale of Gump's to an investment group led by venture capitalists WaldenVC and Stone Canyon Venture Partners, and private investment firm Sand Springs Holdings (now all labeled Gump's Holdings LLC) for $8.5 million.
Amid downsizing and consolidation, Hanover Direct has been looking to dispose of its non-core assets since 2003, including Gump's and apparel brands International Male, Undergear and Silhouettes, as earlier reported by HFN.
The Gump's buying group plans to build upon the...
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