Hanover Direct Announces the Filing of a Form 12b-25 Notification of Late Filing with the Securities and Exchange Commission and
March 26 2004 - 6:38PM
PR Newswire (US)
Hanover Direct Announces the Filing of a Form 12b-25 Notification
of Late Filing with the Securities and Exchange Commission and the
Postponement of its Fiscal Year 2003 Operating Conference Call
EDGEWATER, N.J., March 26 /PRNewswire-FirstCall/ -- Hanover Direct,
Inc. today announced that it has filed a Form 12b-25 Notification
of Late Filing with the Securities and Exchange Commission
extending the deadline for filing its Annual Report on Form 10-K
for fiscal year ended December 27, 2003 up to 15 calendar days. The
delay in filing the 2003 Annual Report is due to the inability of
the Company's independent auditor to complete its audit of the
Company's financial statements in a timely manner. The Company
recently re-examined its credit facility with Congress Financial
Corporation entered into in November 1995 and, based on EITF Issue
No. 95-22, "Balance Sheet Classification of Borrowings Outstanding
under Revolving Credit Agreements that Include Both a Subjective
Acceleration Clause and a Lock-Box Arrangement," and certain
provisions in the credit agreement, determined that it is required
by EITF 95- 22 to reclassify the loan facility from long-term to
short-term debt, although the facility does not mature until
January 31, 2007. The Company and its independent auditors require
additional time to calculate accurately the effect of the
reclassification of the loan facility from long-term to short- term
debt on its historical financial statements. The Company will file
its Form 10-K forthe fiscal year ended December 27, 2003 no later
than the close of business on April 9, 2004. The conference call
with the management of Hanover Direct, Inc. to review the fiscal
year 2003 operating results scheduled for March 29, 2004 has been
cancelled and has been postponed to a later date following the
filing of the 2003 Annual Report. 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, Hanover Direct, Inc.,
+1-201-272-3389; or Rich Tauberman, MWW Group, +1-201-507-9500, for
Hanover Direct Web site: http://www.hanoverdirect.com/
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