Hanover Direct gets notice of potential delisting from AMEX

-- Home Textiles Today, 12/14/2004 12:24:00 PM

EDGEWATER , N.J. — Hanover Direct Inc. has received a letter from the American Stock Exchange dated Dec. 9 saying it has failed to satisfy an additional continued listing standard.

Specifically, Hanover has yet to file its Quarterly Report on Form 10-Q for the fiscal quarter ended Sept. 25, which is a condition for the company's continued listing on the AMEX and is a material violation of its listing agreement with the exchange.

Therefore, the AMEX is authorized to suspend and, unless corrective action is taken, remove the company's securities from the exchange. AMEX advised Hanover that if the company is not in compliance with the filing requirements by Dec. 31, the exchange staff will initiate delisting proceedings. In addition, should Hanover regain compliance with the filing requirements prior to Dec. 31, the exchange staff will review the filing to determine whether the company is making progress consistent with the plan.