The American Stock Exchange has asked the Securities and Exchange Commission to remove Hanover Direct’s common stock from listing on the exchange, effective Feb. 16.
Hanover said it does not plan to appeal the decision, made because of an inability to file a quarterly report for the first quarter that ended Sept. 25, 2004 and not meeting stockholders’ equity requirements. (Direct Newsline, Jan. 30, 2005)
The exchange had previously halted trading in Hanover’s common stock on Nov. 16, 2004 and formally suspended trading on Feb. 2.
The company is reportedly examining other available trading alternatives for its common stock, including the OTC Bulletin Board, the Pink Sheets and the regional stock exchanges.
Hanover also reported that the SEC is conducting an informal inquiry relating to the company’s financial results and reporting since 1998. In a statement, Hanover said the company is cooperating with the inquiry, which it stressed the SEC stated was not an indication of any violation of federal securities laws.
Separately, Hanover appointed Daniel J. Barsky as senior vice president and general counsel effective Jan. 31. He was previously an independent legal consultant. Prior to that, he served as counsel to several companies, including Directrix Inc., American Interactive Media Inc. and Spice Entertainment Co. Inc. Prior to joining Spice, Barsky was a partner in the law firm of Dornbush Mensch Mandelstam & Schaeffer.
Edgewater, NJ-based Hanover’s catalog and online brands include Domestications, The Company Store, Company Kids, Silhouettes, International Male, Scandia Down, and Gump’s By Mail.
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