Hanover Direct Announces Extension of Listing by American Stock Exchange
August 06 2004 - 9:38AM
PR Newswire (US)
Hanover Direct Announces Extension of Listing by American Stock
Exchange EDGEWATER, N.J., Aug. 6 /PRNewswire-FirstCall/ -- Hanover
Direct, Inc. (AMEX:HNV) today announced that the American Stock
Exchange (the "Exchange") had accepted the Company's plan of
compliance and granted the Company an extension of time until
November 21, 2005 to regain compliance with the Exchange's
continued listing standards. As previously reported, the Company
received a letter dated May 21, 2004 (the "Letter") from the
Exchange advising that a review of the Company's Form 10-K for the
period ended December 27, 2003 indicates that the Company does not
meet certain of the Exchange's continued listing standards as set
forth in Part 10 of the Exchange's Company Guide. Specifically, the
Company is not in compliance with Section 1003(a)(i) of the Company
Guide with shareholders' equity of less than $2,000,000 and losses
from continuing operations and/or net losses in two out of its
three most recent fiscal years; and Section 1003(a)(ii) of the
Company Guide with shareholders' equity of less than $4,000,000 and
losses from continuing operations and/or net losses in three out of
its four most recent fiscal years; and Section 1003(a)(iii) of the
Company Guide with shareholders' equity of less than $6,000,000 and
losses from continuing operations and/or net losses in its five
most recent fiscal years. The Exchange requested that the Company
contact the Exchange by June 4, 2004 to confirm receipt of the
Letter, discuss any possible financial data of which the Exchange's
staff may be unaware, and indicate whether or not the Company
intends to submit a plan of compliance. In order to maintain its
listing on the Exchange, the Company had to submit a plan to the
American Stock Exchange by June 22, 2004, advising the Exchange of
action it has taken, or will take, that would bring it into
compliance with the continued listing standards of the Exchange by
November 24, 2005 (18 months of receipt of the Letter). The Company
submitted a plan to the Exchange on June 22, 2004 and on August 3,
2004 the Exchange notified the Company that it accepted the
Company's plan of compliance and granted the Company an extension
of time until November 21, 2005 to regain compliance with the
continued listing standards. The Company will be subject to
periodic review by Exchange staff during the extension period.
Failure to make progress consistent with the plan or to regain
compliance with the continued listing standards by the end of the
extension period on November 21, 2005 could result in the Company
being delisted from the Exchange. There can be no assurance that
the Company will be able to maintain the listing of its Common
Stock on the Exchange. 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.keystoneinternet.com/ http://www.hanoverdirect.com/
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