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Exhibit 20.1
[HANOVER DIRECT LOGO]
FOR IMMEDIATE RELEASE
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CONTACT: Hanover Direct, Inc. AGG International, Public Relations
Brian C. Harriss Melissa Fisher
Sr. VP - Chief Financial Officer (212) 869-8230
(201) 272-3224 [email protected]
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HANOVER DIRECT ANNOUNCES CHANGES IN BOARD OF DIRECTORS
WEEHAWKEN, NJ - October 19, 2000- Hanover Direct, Inc. today announced changes
in its Board of Directors.
Mr. Eloy Michotte, a Richemont nominee, is joining the Board of Directors of
Hanover Direct, Inc. and will be elected at its next meeting. "We are fortunate
to announce," stated Rakesh K. Kaul, President and CEO of Hanover Direct, Inc.,
"the addition of Mr. Michotte to the Board. He brings a wealth of experience in
mergers, acquisitions and strategic alliances."
Mr. Michotte is a member of the Executive Committee of Compagnie Financiere
Richemont AG as well as a Director of Richemont SA. He is responsible for
corporate finance matters for the Richemont group of companies. Prior to his
current position he worked for the Ford Motor Company, McKinsey & Co and Bankers
Trust Company. He holds a degree in Applied Mathematics and Engineering from the
University of Louvain in Belgium and an MBA from the University of Chicago.
Mr. Howard Tanner, Mr. Basil Regan and Mr. Shailesh Mehta have recently left the
Board. "With great regret," continued Kaul, "the Company and Board accepted the
resignations and departures of Messrs. Tanner, Mehta and Regan. Their individual
and collective service to the Board and the Company have been invaluable, and we
will miss their judgement and contributions."
Messrs. Tanner, Mehta and Regan each indicated to the Board of Directors that
the strategic repositioning and $70,000,000 million Preferred Stock funding
completed and announced in August established a stronger base for the Company's
future operations and provided a natural transition point for their departure in
light of their other commitments.
ABOUT HANOVER DIRECT, INC.
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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. Hanover Brands, Inc. is comprised of the
Company's catalog and e-commerce web site portfolio of home fashions, apparel
and gift brands, including Domestications, The Company Store, Company Kids,
Turiya, Domestications Kitchen & Garden, Kitchen & Home, Encore, Improvements,
The Safety Zone, Silhouettes, International Male, Undergear, Scandia Down, and
Gump's By Mail. Hanover Direct is the exclusive distributor of the Compagnie de
la Chine brand in North America; the Company owns Gump's, a retail store based
in San Francisco; and the Company has a majority equity stake in Always In
Style, LLC. Each brand can be accessed on the Internet individually by name.
erizon, Inc. is comprised of Keystone Internet Services, Inc.
(www.keystoneinternet.com), the Company's third party, end-to-end, fulfillment,
logistics and e-care provider, and Desius, LLC, the Company's joint venture with
RS Software (India), Ltd., offering 24/7-web shop services and e-commerce
systems development. The subsidiary also services the logistical, IT and
fulfillment needs of Hanover Brands, Inc. Information on Hanover Direct,
including each of its subsidiaries, can be accessed on the Internet at
www.hanoverdirect.com.
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