Hanover Gets Time to ComplyThe American Stock Exchange granted Hanover Direct Inc., Edgewater, NJ, an extension until Nov. 21, 2005, to regain compliance with the exchange's listing standards.
The extension was announced Friday by Hanover Direct. The company's catalog and Internet portfolio of home fashions, apparel and gift brands includes Domestications, The Company Store, Company Kids, Silhouettes, International Male, Scandia Down and Gump's by Mail.
Hanover was informed in May that it does not meet certain listing standards regarding shareholders' equity and losses from continuing operations and/or net losses in two out of its three most recent fiscal years.
On June 22, 2004, Hanover submitted a compliance plan to the exchange, which accepted the plan Aug. 3 and granted the extension. Hanover will be subject to periodic reviews by the exchange during the extension period. Failure to make progress consistent with the plan or to regain compliance by the Nov. 21, 2005, deadline could result in the company being delisted.