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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 11-K/A1
Amendment No.1 to
ANNUAL REPORT
Pursuant to Section 15(d)
of the Securities and Exchange Act of 1934
For the fiscal years ended December 31, 1995 and 1996
Commission file number 1 - 12082
A. Full Title of the plan and the address of the plan, if
different from that of the issuer named below:
HANOVER DIRECT, INC. SAVINGS & RETIREMENT PLAN
c/o Hanover Direct, Inc.
1500 Harbor Boulevard
Weehawken, New Jersey 07087
B. Name of issuer of the securities held pursuant to the plan and
the address of its principal executive office:
Hanover Direct, Inc.
1500 Harbor Boulevard
Weehawken, New Jersey 07087
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This Form 11-K/A1 is being filed by Hanover Direct, Inc., a Delaware corporation
(the "Company"), as an amendment to its Annual Report on Form 11-K for the
Hanover Direct, Inc. Savings and Retirement Plan (the "Plan") for the Plan's
fiscal year ended December 31, 1996 to make certain amendments to such Form 11-K
as set forth below.
1 The STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS - For the
Year ended December 31, 1996 is deleted in its entirety and replaced
with the following.
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HANOVER DIRECT, INC. SAVINGS AND RETIREMENT PLAN
(formerly The Horn & Hardart Company Savings Plan)
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
FOR THE YEAR ENDED DECEMBER 31, 1996
<TABLE>
<CAPTION>
Fixed Conservative Capital Conservative Balanced
Income Bond Growth Equity Value
Fund Fund Fund Fund Fund
--------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
INCREASES IN NET ASSETS:
Interest/dividend income $ 3,061 $ 35 $ 141 $ 84 $ 104
Change in plan participant loan
receivable (23,037)
Contributions
Participants 392,236
Hanover Direct, Inc and
subsidiaries (net of credited
forfeitures of $0 in 1996 110,311
Interfund transfers (41,503) 5,388 56,284 4,477 (25,018)
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Total additions 441,068 5,423 56,425 4,561 (24,914)
DECREASES IN NET ASSETS:
Disbursements, withdrawals,
terminations and administrative
costs 251,050 12,801 40,667 48,062 42,887
Unallocated forfeitures
Net change in depreciation
(appreciation) on fund
investments (66,422) 6,245 (126,257) (102,996) (86,209)
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Total deductions (additions) 184,628 19,046 (85,590) (54,934) (43,322)
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Net increase (decrease) 256,440 (13,623) 142,015 59,495 18,408
NET ASSETS AVAILABLE FOR
BENEFITS, beginning of year 4,668,445 751,963 2,171,985 1,936,652 2,355,210
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Trustee Transfer (4,924,885) (738,340) (2,314,000) (1,996,147) (2,373,618)
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NET ASSETS AVAILABLE FOR
BENEFITS, end of year $ -- $ -- $ -- $ -- $ --
=====================================================================================
</TABLE>
<TABLE>
<CAPTION>
Hanover Combined Stable Spectrum Spectrum
Direct, Inc. Paine Webber Value Income Growth
Stock Fund Funds Fund Fund Fund
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<S> <C> <C> <C> <C> <C>
INCREASES IN NET ASSETS:
Interest/dividend income $ 593 $ 4,018 $ 182,323 $ 124,780 $ 431,974
Change in plan participant loan
receivable (23,037) 13,628 (1,262) (39,431)
Contributions
Participants 392,236 550,792 50,120 361,436
Hanover Direct, Inc and
subsidiaries (net of credited
forfeitures of $0 in 1996 110,311 159,308 188,693 89,977
Interfund transfers 372 -- (213,609) (49,117) (198,248)
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Total additions 965 483,528 692,442 313,214 645,708
DECREASES IN NET ASSETS:
Disbursements, withdrawals,
terminations and administrative
costs (3,798) 391,669 979,478 202,349 448,238
Unallocated forfeitures 3,637 3,637 33,770 6,417 17,836
Net change in depreciation
(appreciation) on fund
investments 96,393 (279,246) -- (44,778) (291,940)
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Total deductions (additions) 96,232 116,060 1,013,248 163,988 174,134
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Net increase (decrease) (95,267) 367,468 (320,806) 149,226 471,574
NET ASSETS AVAILABLE FOR
BENEFITS, beginning of year 415,067 12,299,322 -- -- --
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Trustee Transfer (319,800) (12,666,790) 4,681,399 1,978,227 5,659,279
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NET ASSETS AVAILABLE FOR
BENEFITS, end of year $ -- $ -- $4,360,593 $2,127,453 $6,130,853
====================================================================================
</TABLE>
<TABLE>
<CAPTION>
New International Hanover Combined
Horizons Stock Direct, Inc. T. Rowe Plan
Fund Fund Stock Fund Price Funds Totals
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<S> <C> <C> <C> <C> <C>
INCREASES IN NET ASSETS:
Interest/dividend income $ 76,933 $ 7,920 $ 282 $ 824,212 $ 828,230
Change in plan participant loan
receivable 24,339 10,384 523 8,181 (14,856)
Contributions
Participants 401,341 153,316 11,182 1,528,187 1,920,423
Hanover Direct, Inc and
subsidiaries (net of credited
forfeitures of $0 in 1996 87,707 31,516 3,205 560,406 670,717
Interfund transfers 364,151 128,168 (31,345) -- --
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Total additions 954,471 331,304 (16,153) 2,920,986 3,404,514
DECREASES IN NET ASSETS:
Disbursements, withdrawals,
terminations and administrative
costs 70,178 46,249 42,633 1,789,125 2,180,794
Unallocated forfeitures 2,200 376 2,090 62,689 66,326
Net change in depreciation
(appreciation) on fund
investments 52,475 (10,176) 117,040 (177,379) (456,625)
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Total deductions (additions) 124,853 36,449 161,763 1,674,435 1,790,495
--------------------------------------------------------------------------------
Net increase (decrease) 829,618 294,855 (177,916) 1,246,551 1,614,019
NET ASSETS AVAILABLE FOR
BENEFITS, beginning of year -- -- -- -- 12,299,322
--------------------------------------------------------------------------------
Trustee Transfer -- -- 347,885 12,666,790 --
--------------------------------------------------------------------------------
NET ASSETS AVAILABLE FOR
BENEFITS, end of year $829,618 $294,855 $ 169,969 $13,913,341 $13,913,341
================================================================================
</TABLE>
The accompanying notes are an integral part of these statements.
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2 The second paragraph of Note 6 (Contribution Payable) is deleted in its
entirety and replaced with the following.
The December 31, 1996 contribution payable consists of unvested
Employer Contributions forfeited by terminated Plan participants. The
forfeited amounts will be used to reduce the Company's contributions to
participants in 1997.
3 Note 7 Net Depreciation/(Appreciation) on Fund Investments is deleted
in its entirety and replaced with the following.
7. NET DEPRECIATION/(APPRECIATION) ON FUND INVESTMENTS
The net depreciation/(appreciation) on fund investments at December 31,
1996 consists of unrealized depreciation of approximately $1.7 million
and an aggregate realized gain of approximately $2.2 million. The Plan
sold investments during the 1996 Plan year with approximate aggregate
costs of $12.7 million resulting in aggregate proceeds of approximately
$14.9 million. The realized gain/loss on the investments sold is the
difference between the market value at the beginning of the Plan year
(or on the purchase date if purchased during the Plan year) and the
date of sale.
4 Form 5500 - Item 27A - SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
- As of December 31, 1996 is deleted in its entirety and replaced with
the following.
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HANOVER DIRECT, INC. SAVINGS AND RETIREMENT PLAN
(formerly The Horn & Hardart Company Savings Plan)
FORM 5500 - ITEM 27A
SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
AS OF DECEMBER 31, 1996
<TABLE>
<CAPTION>
Current
Description Cost Value
----------- --------------------------------
<S> <C> <C>
INVESTMENT IN:
STABLE VALUE PORTFOLIO - T. Rowe Price
Retirement Plan Services, Inc. $ 4,079,812 $ 4,079,812
SPECTRUM INCOME PORTFOLIO - T. Rowe Price
Retirement Plan Services, Inc. 2,086,556 2,127,453
SPECTRUM GROWTH PORTFOLIO - T.Rowe Price
Retirement Plan Services, Inc. 5,872,920 6,130,853
NEW HORIZONS PORTFOLIO - T. Rowe Price
Retirement Plan Services, Inc. 881,930 829,618
INTERNATIONAL STOCK PORTFOLIO - T. Rowe
Price Retirement Plan Services, Inc. 286,171 294,855
HANOVER DIRECT, INC. COMMON STOCK (1) 184,405 169,969
PLAN PARTICIPANT LOAN RECEIVABLE (2) 411,083 411,083
--------------------------------
TOTAL ASSETS HELD FOR INVESTMENT PURPOSES 13,802,877 14,043,643
================================
</TABLE>
(1) Represents party in interest.
(2) Terms of these loans generally range from 1 to 5 years and bear interest
ranging from 7.0% to 10.0%.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the members of the Administrative Committee have duly caused this amendment to
this annual report to be signed on its behalf by the undersigned hereunto duly
authorized.
HANOVER DIRECT, INC. SAVINGS &
RETIREMENT PLAN
DATE: JULY 11, 1997 By: /s/ Larry Svoboda
------------------------------------
Larry Svoboda
Senior Vice President and
Chief Financial Officer
By: /s/ Edward J. O'Brien
------------------------------------
Edward J. O'Brien
Senior Vice President,
Treasurer and Secretary
