Exchange Halts Trading of Hanover Common Stock

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Hanover Direct Inc. said this week that the American Stock Exchange will halt trading of the company's common stock until an investigation of a previously announced accounting error is complete and the company has filed all relevant periodic reports with the Securities and Exchange Commission.

Hanover, Edgewater, NJ, markets home, apparel and gift products via catalogs and the Internet under brand names such as Domestications, The Company Store, Company Kids, Silhouettes, International Male, Scandia Down and Gump's by Mail.

Hanover announced Nov. 10 it would restate earnings on financial statements issued between Dec. 25, 1999, and June 26, 2004, because of an accounting error.

The company said Wednesday it had completed its review of the cumulative effect of the error. It will result in a reduction of revenue and related income of about $2.6 million for the five-year period.

The company also said Wednesday that it was unable to file its quarterly report on Form 10-Q for the fiscal quarter ended Sept. 25, 2004, within the five-calendar-day extension it previously requested. It will file the report as soon as it is able to do so.


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