Hanover Direct Inc. will likely lose its listing on the American Stock Exchange as early as Feb. 2 for failure to file a quarterly report for the first quarter that ended Sept. 25, 2004 and not meeting stockholders’ equity requirements.
Hanover received a letter from the exchange dated Jan. 24 notifying it that an application would be filed with the Securities and Exchange Commission to remove Hanover from the exchange’s common stock listings. The exchange maintains that Hanover is out of compliance with its listing requirements.
In a prepared statement, Hanover said it expects the decision of the exchange to remove it from the stock listings to become final, as it does not plan to exercise its right to appeal. Hanover said it intends to review alternatives for common stock listings in the OTC Bulletin and regional stock exchanges.
Hanover operates a portfolio of catalog and Internet businesses in the home, apparel and gift markets. Its catalog titles include The Company Store, Company Kids, Silhouettes, International Male, Scandia Down and Gump’s By Mail.
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