Hanover Direct Announces Extension of Listing by American Stock Exchange

Hanover Direct Announces Extension of Listing by American Stock
Exchange 


EDGEWATER, N.J., Aug. 6  /PRNewswire-FirstCall/ -- Hanover Direct, Inc.
(AMEX:HNV) today announced that the American Stock Exchange (the "Exchange")
had accepted the Company's plan of compliance and granted the Company an
extension of time until November 21, 2005 to regain compliance with the
Exchange's continued listing standards.

As previously reported, the Company received a letter dated May 21, 2004 (the
"Letter") from the Exchange advising that a review of the Company's Form 10-K
for the period ended December 27, 2003 indicates that the Company does not meet
certain of the Exchange's continued listing standards as set forth in Part 10
of the Exchange's Company Guide. Specifically, the Company is not in compliance
with Section 1003(a)(i) of the Company Guide with shareholders' equity of less
than $2,000,000 and losses from continuing operations and/or net losses in two
out of its three most recent fiscal years; and Section 1003(a)(ii) of the
Company Guide with shareholders' equity of less than $4,000,000 and losses from
continuing operations and/or net losses in three out of its four most recent
fiscal years; and Section 1003(a)(iii) of the Company Guide with shareholders'
equity of less than $6,000,000 and losses from continuing operations and/or net
losses in its five most recent fiscal years. The Exchange requested that the
Company contact the Exchange by June 4, 2004 to confirm receipt of the Letter,
discuss any possible financial data of which the Exchange's staff may be
unaware, and indicate whether or not the Company intends to submit a plan of
compliance. In order to maintain its listing on the Exchange, the Company had
to submit a plan to the American Stock Exchange by June 22, 2004, advising the
Exchange of action it has taken, or will take, that would bring it into
compliance with the continued listing standards of the Exchange by November 24,
2005 (18 months of receipt of the Letter). The Company submitted a plan to the
Exchange on June 22, 2004 and on August 3, 2004 the Exchange notified the
Company that it accepted the Company's plan of compliance and granted the
Company an extension of time until November 21, 2005 to regain compliance with
the continued listing standards.

The Company will be subject to periodic review by Exchange staff during the
extension period. Failure to make progress consistent with the plan or to
regain compliance with the continued listing standards by the end of the
extension period on November 21, 2005 could result in the Company being
delisted from the Exchange. There can be no assurance that the Company will be
able to maintain the listing of its Common Stock on the Exchange.

About Hanover Direct, Inc.

Hanover Direct, Inc. (AMEX:HNV) and its business units provide quality, branded
merchandise through a portfolio of catalogs and e-commerce platforms to
consumers, as well as a comprehensive range of Internet, e-commerce and
fulfillment services to businesses. The Company's catalog and Internet
portfolio of home fashions, apparel and gift brands include Domestications, The
Company Store, Company Kids, Silhouettes, International Male, Scandia Down, and
Gump's By Mail. The Company owns Gump's, a retail store based in San Francisco.
Each brand can be accessed on the Internet individually by name. Keystone
Internet Services, LLC (http://www.keystoneinternet.com/ ), the Company's third
party fulfillment operation, also provides the logistical, IT and fulfillment
needs of the Company's catalogs and web sites. Information on Hanover Direct,
including each of its subsidiaries, can be accessed on the Internet at
http://www.hanoverdirect.com/ . 

DATASOURCE: Hanover Direct, Inc.



CONTACT:  Charles Blue, S.V.P. & Chief Financial Officer of Hanover

Direct, Inc., [phone]; or Rich Tauberman of The MWW Group,

[phone], for Hanover Direct, Inc.



Web site:  http://www.keystoneinternet.com/

http://www.hanoverdirect.com/ 

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