Hanover Direct Announces Board Resignation
August 03 2004 - 9:56AM
PR Newswire (US)
Hanover Direct Announces Board Resignation EDGEWATER, N.J., Aug. 3
/PRNewswire-FirstCall/ -- Hanover Direct, Inc. (AMEX:HNV) today
announced the resignation of Basil P. Regan from the Company's
Board of Directors, effective July 30, 2004. As a result, Mr. Regan
has advised the Company that he will not be standing for reelection
at the Company's August 12, 2004 Annual Meeting of Shareholders.
"The recently completed financing package provides the Company with
significant additional liquidity to grow its businesses," stated
Basil Regan. "With the Company now focused on operational
execution, it is appropriate for me to return my focus to other
business commitments." Mr. Regan continues to have the right, which
is required to be exercised as promptly as practicable, to appoint
a designee to the Company's Board of Directors until November 30,
2005 pursuant to the Corporate Governance Agreement dated as of
November 30, 2003 among the Company, Chelsey Direct, LLC, Stuart
Feldman, Regan Partners L.P., Regan International Fund Limited and
Basil P. Regan so long as the Regan group collectively owns at
least 29,128,762 shares of Common Stock of the Company (as adjusted
for stock splits and the like). In addition, the Regan group
continues to be bound by the terms of the Voting Agreement dated as
of November 30, 2003 among Chelsey Direct, LLC, Stuart Feldman,
Regan Partners L.P., Regan International Fund Limited and Basil P.
Regan which includes a right of first offer of the Regan group's
shares to Chelsey Direct, LLC. 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 Blue, S.V.P.
& Chief Financial Officer of Hanover Direct, Inc.,
+1-201-272-3389; or Rich Tauberman of the MWW Group,
+1-201-507-9500, for Hanover Direct, Inc. Web site:
http://www.hanoverdirect.com/ http://www.keystoneinternet.com/
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