Hanover Direct has been notified by the American Stock Exchange that it is in violation of a listing ruling by failing to show a net profit, or profit from continuing operations, for at least one of the last three years.
The cataloger was asked to submit a plan due Dec. 11, specifying the steps it would take to regain compliance by Dec. 28, 2003, the company said in papers filed with the Federal Trade Commission.
The company was last profitable in 1994. During fiscal 2001 and 2000 the company reported net losses of $16.6 million and $84.8 million respectively. The company
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