Hanover Direct to Restate Five Years of Financials

Due to an accounting error relating to the buyer’s club programs of three of its catalogs, Edgewater, NJ-based Hanover Direct is restating five years’ worth of financial statements. In a release, Hanover says financial statements going back to Dec. 25, 1999, “should no longer be relied upon and should be restated.”

Hanover says the error resulted in the overstatement of revenue and the omission of the related liability for discount obligations for fiscal periods as early as 1998. The company says that the cumulative impact of this error is being estimated. Hanover also filed a Form 12b-25 Notification of Late Filing with the Securities and Exchange Commission seeking an extension for filing its financial statement for the quarter ended Sept. 25.

Partner Content

The Gift of Wow: Preparing your store for the holiday season - Netsuite
Being prepared for the holiday rush used to mean stocking shelves and making sure your associates were ready for the long hours. But the digital revolution has changed everything, most importantly, customer expectations. Retailers with a physical store presence should be asking themselves—what am I doing to wow the customer?
3 Critical Components to Achieving the Perfect Order - NetSuite
Explore the 3 critical components to delivering the perfect order.
Streamlining Unified Commerce Complexity - NetSuite
Explore how consolidating multiple systems through a cloud-based commerce platform provides a seamless experience for both you, and your customer.
Strategies for Maximizing Mobile Point-of-Sale Technology - NetSuite
Learn the top five innovative ways to utilize your mobile POS technology to drive customer engagement, increase sales and elevate your brand.