Hanover Direct (AMEX:HNV)
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Hanover Direct Appoints Charles E. Blue as Chief Financial Officer in Ongoing
Strategic Business Realignment Program and Extends Credit Facility With Congress
Financial Corporation Until January 31, 2007
EDGEWATER, N.J., Nov. 3 /PRNewswire-FirstCall/ -- Hanover Direct, Inc. today
announced that Charles E. Blue will succeed Edward M. Lambert as Chief Financial
Officer, effective November 11, 2003, in connection with the Company's ongoing
strategic business realignment plan. Mr. Blue joined the Company in 1999 and
had most recently served Hanover as Senior Vice President, Finance, a position
eliminated by this finance department restructuring. The Company also announced
an extension of its credit facility with Congress Financial Corporation until
January 31, 2007.
"First, we want to thank Ed Lambert for his outstanding leadership and
remarkable contributions to Hanover's restructuring efforts over the past two
years amidst great personal hardships. Second, we are very pleased to promote
Charles Blue to the position of Senior Vice President & Chief Financial
Officer," said Tom Shull, Hanover Direct's Chairman, President and Chief
Executive Officer. "Charles' four years of senior finance experience at
Hanover, broad knowledge of both industry and Company operations and experience
working closely with Mr. Lambert well-position him to provide financial
leadership as we continue Hanover Direct's turnaround."
Mr. Blue is a 1982 graduate of Lehigh University where he received a B.S. degree
in Business and Economics. Before joining Hanover Direct, he held the positions
of Director of Planning and Treasury for Genesis Direct, Inc. and Director of
Strategic Planning for The Copeland Companies. Mr. Blue will report to Tom
Shull, with an additional functional reporting line to Brian C. Harriss,
currently Executive Vice President, Human Resources and Legal, who will assume
additional responsibilities as Executive Vice President, Finance &
Administration.
The Company also announced that it had extended its credit facility with
Congress Financial Corporation, which was expiring on January 31, 2004, until
January 31, 2007. "We are pleased," said Mr. Shull, "to announce the extension
of our agreement with Congress Financial Corporation and look forward to
continuing the excellent partnership that Congress and Hanover have forged
throughout our relationship."
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 E. Blue, Senior Vice President of Hanover Direct, Inc,
+1-201-272-3412; or Rich Tauberman of The MWW Group, +1-201-507-9500, for
Hanover Direct, Inc.
Web site: http://www.hanoverdirect.com/
http://www.keystoneinternet.com/