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Hanover CFO resigns as investigation concludes

EDGEWATER, N.J. — Hanover Direct, Inc. Chief Financial Officer Charles Blue has resigned, effective March 8. In his place, Wayne Garten, CEO, was appointed acting chief financial officer until a replacement can be appointed by the board.

The resignation came as independent outside counsel delivered its report on previously announced restatements of the company's financial statements and other accounting-related matters covering fiscal years 1999-2003 and some subsequent quarters.

Hanover additionally stated that it is not likely file its Form 10-K for the fiscal year ended Dec. 25, 2004, on time.

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