Hanover Direct Announces Notice of Delisting From American Stock Exchange
January 28 2005 - 2:15PM
PR Newswire (US)
Hanover Direct Announces Notice of Delisting From American Stock
Exchange EDGEWATER, N.J., Jan. 28 /PRNewswire-FirstCall/ -- Hanover
Direct, Inc. (AMEX:HNV) today announced that it had received a
further letter from the American Stock Exchange (the "Exchange")
dated January 24, 2005 notifying it that the Exchange has
determined to proceed with the filing of an application with the
Securities and Exchange Commission (the "SEC") to strike the common
stock of the Company from listing and registration on the Exchange
based on the Company's failure to regain compliance with the
Exchange's filing requirements as set forth in Section 134 and 1101
of the Company Guide by December 31, 2004 and the fact that the
Company is not in compliance with Sections 1003(a)(i), 1003(a)(ii)
and 1003(a)(iii) of the Company Guide. In accordance with Sections
1203 and 1009(d) of the Company Guide, the Company has a limited
right to appeal the Exchange's determination by requesting an oral
hearing or a hearing based on a written submission before a listing
qualifications panel who may only authorize the continued listing
of the Company's securities as permitted by Sections 1009 and
1204(c) of the Company Guide. The Company does not intend to submit
such a request because, in addition to its continued inability to
file its Quarterly Report on Form 10-Q for the fiscal quarter ended
September 25, 2004 and inability to satisfy the requirements for
minimum stockholders' equity, the Company does not meet the
alternative financial standards set forth in Section 1003 of the
Company Guide. As a result, the Exchange's decision will become
final and the Exchange's staff will submit an application to the
SEC to strike the Company's common stock from listing and
registration on the Exchange in accordance with Section 12 of the
Securities Exchange Act of 1934 and the rules promulgated
thereunder as early as February 2, 2005. The Company is examining
other available trading alternatives for its common stock including
the OTC Bulletin Board, the Pink Sheets and the regional stock
exchanges. About Hanover Direct, Inc. Hanover Direct, Inc.
(AMEX:HNV) and its business units provide quality, branded
merchandise through a portfolio of catalogs and e-commerce
platforms to consumers, as well as a comprehensive range of
Internet, e-commerce, and fulfillment services to businesses. The
Company's catalog and Internet portfolio of home fashions, apparel
and gift brands include Domestications, The Company Store, Company
Kids, Silhouettes, International Male, Scandia Down, and Gump's By
Mail. The Company owns Gump's, a retail store based in San
Francisco. Each brand can be accessed on the Internet individually
by name. Keystone Internet Services, LLC
(http://www.keystoneinternet.com/), the Company's third party
fulfillment operation, also provides the logistical, IT and
fulfillment needs of the Company's catalogs and web sites.
Information on Hanover Direct, including each of its subsidiaries,
can be accessed on the Internet at http://www.hanoverdirect.com/.
DATASOURCE: Hanover Direct, Inc. CONTACT: Charles E. Blue, S.V.P.
& Chief Financial Officer of Hanover Direct Inc.,
+1-201-272-3389; or Rich Tauberman of MWW Group, +1-201-507-9500,
for Hanover Direct Inc. Web site: http://www.hanoverdirect.com/
http://www.keystoneinternet.com/
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