The American Stock Exchange has notified Hanover Direct Inc. that the cataloger and online marketer currently does not meet its listing standards. Hanover has yet to file its quarterly financial statement for the period ended Sept. 25, according to the Edgewater, NJ-based company.
The Exchange will initiate delisting proceedings if Hanover does not file the forms by Dec. 31. In addition to the delinquent filing, Hanover is in the process of investigating, and possibly restating, its financial reports for the years 1999 through 2003, along with the first two quarters of 2004.
Hanover does not expect to have the results of its investigation before Dec. 31, and will file the latest financial statement as soon as the investigation is finished.
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