Hanover Direct to Sell Gump’s

Hanover Direct Inc. agreed to sell Gump’s, a department store dating to San Francisco’s Gold Rush days, to a group of private investors for an undisclosed price.

The sale to the group led by John Chachas of Lazard Ltd. is expected to close in March, Gump’s said. Hanover Direct, which sells through its International Male and Company Store catalogs and websites, bought the 145-year-old Gump’s in May 1993.

Hanover Direct, based in Edgewater, N.J., was delisted from the American Stock Exchange this year after failing to meet some of the exchange’s requirements.

The company said in November it would restate more than five years of earnings because of an accounting error.

Hanover Direct Chief Financial Officer Charles Blue didn’t return a call seeking comment.