Hanover Direct Announces Notice of Potential Delisting From American Stock Exchange
December 13 2004 - 5:47PM
PR Newswire (US)
Hanover Direct Announces Notice of Potential Delisting From
American Stock Exchange EDGEWATER, N.J., Dec. 13
/PRNewswire-FirstCall/ -- Hanover Direct, Inc. (AMEX:HNV) today
announced that it received a further letter from the American Stock
Exchange (the "Exchange") dated December 9, 2004 notifying it that
it has failed to satisfy an additional continued listing standard.
Specifically, the Company has yet to file its Quarterly Report on
Form 10-Q for the fiscal quarter ended September 25, 2004 which is
a condition for the Company's continued listing on the Exchange, as
required by Sections 234 and 1101 of the Company Guide, and is a
material violation of its listing agreement with the Exchange.
Therefore, pursuant to Section 1003(d) of the Company Guide, the
Exchange is authorized to suspend and, unless prompt corrective
action is taken, remove the Company's securities from the Exchange.
The Exchange advised that if the Company is not in compliance with
the aforementioned filing requirements by December 31, 2004, the
Exchange staff will initiate delisting proceedings as appropriate.
In addition, should the Company regain compliance with the filing
requirements prior to December 31, 2004, the Exchange staff will
review such filing to determine whether the Company is making
progress consistent with the plan. Upon completion of its review,
the Exchange staff may take action including the initiation of
delisting proceedings. The Company may appeal a staff determination
to initiate delisting proceedings in accordance with Section 1010
of the Company Guide. As previously reported, on November 17, 2004,
the Company announced that the Audit Committee of the Board of
Directors of the Company is investigating two financial statement
matters previously disclosed by the Company and other
accounting-related matters with the assistance of independent
outside counsel. The Company does not believe such investigation
will be completed by December 31, 2004 and has so advised the
Exchange. The Company understands that the Audit Committee may
receive at least a preliminary report by mid-January, 2005 and
cannot predict the outcome of that report or any additional
adjustments to its financial statements that may be necessitated
thereby. However, the Company intends to file its Quarterly Report
on Form 10-Q for the fiscal quarter ended September 25, 2004 as
promptly as practicable following the conclusion of the
investigation. There can be no assurance that the Company will be
able to maintain the listing of its Common Stock on the American
Stock 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 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/
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