Dover's deterioration.

From private equity acquisition to full liquidation: 2022 to 2026.

2022 Ownership change
Promus Equity Partners acquires Dover
Chicago-based private equity firm Promus takes full control, declaring plans to take the company "to the next level." A franchising program follows the next year.
August 2024 Debt
$15M revolving credit secured from Second Avenue Capital Partners
Dover draws a $15M revolving credit line. In an asset-based structure, the borrowing limit floats with inventory on hand. More inventory on shelves means more available to borrow.
October — November 2025 Warning signal
Vendor payments stop. Purchase orders continue.
Dover stops paying a significant portion of its vendor base while continuing to issue POs and request new shipments. Brands keep shipping in good faith.
Reported by industry sources with direct knowledge of vendor operations.
2025 Lender takeover
Promus relinquishes control. Prudential's arm takes over.
Promus relinquishes its equity stake and transfers control of the company to its lenders. Prudential Financial's lending arm becomes the controlling party. The exact date has not been publicly disclosed.
Confirmed by a named Promus partner speaking to The Boston Globe.
April 2026 Asset sale
Gordon Brothers acquires Dover's assets
Gordon Brothers purchases Dover's assets from Prudential at a discount, defeating a separate investor group that had bid to keep the business operating. Going-out-of-business sales begin preparation.
Reported by The Boston Globe, citing a source familiar with the situation.
May 7, 2026 Legal filing
WARN Act notice filed with Massachusetts
Dover formally notifies the state that 112 employees at its Littleton headquarters may be laid off. A federal requirement, the filing confirms closure is no longer speculative.
May 2026 Full closure
All stores confirmed closing nationwide
Every physical Dover location announces going-out-of-business sales at up to 20% off. Three Texas stores have not yet announced due to a state law requiring a sworn inventory count before a closing sale can legally begin.

50 years. Gone in under four.

Dover was founded in 1975. Promus acquired it in 2022. By May 2026, every store is closing. The brands that stocked its shelves are last in line to recover anything.