Hanover Direct to Restate Revenues Back to 1999

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Hanover Direct Inc. overstated revenues in its financial statements going back to 1999 due to an accounting error and will file restated audited statements "as soon as it can," the Edgewater, NJ, company said yesterday.

Hanover Direct is a multichannel marketer whose brands include Domestications, The Company Store, Company Kids, Silhouettes, International Male, Scandia Down and Gump's by Mail.

The error's cumulative effect is in the process of being estimated.

The company also said yesterday that it asked the Securities and Exchange Commission to extend the deadline for filing its quarterly report on Form 10-Q for the fiscal quarter ended Sept. 25, 2004, up to five calendar days in order to calculate the effect of the accounting error.


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