Hanover Direct announced that its financial statements for fiscal years 1999 through 2003, as well as the last five quarters, “should no longer be relied on.”
The Edgewater, NJ-based marketer indicated that it overstated its revenue and did not include liabilities from discount obligations owed to members of its buyer’s club programs. Hanover will file revised copies of these reports “as promptly as practicable.”
Hanover also announced that it has asked the Securities and Exchange Commission to extend its deadline for filing quarterly results for the period ended Sept. 25 of this year.
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