A discussion draft of the Online Sales Tax Simplification Act of 2016 is expected to be introduced in Congress soon.
Hanover Direct, a catalog and Internet company with brands such as International Male, Undergear and Domestications, has yet to file key financial reports with the Securities and Exchange Commission while awaiting the final results of an outside audit.
Hanover Direct, an Internet and catalog company with annual e-commerce sales of nearly $125 million, has yet to file its final 2004 annual report and its first and second quarter 2005 financial reports with the Securities and Exchange Commission.
In a recent financial release, Hanover Direct, No. 61 in the Internet Retailer Top 400 Guide to Retail Web Sites, said that there will be a further delay in completing the audit of its 2004 fiscal year-end financial statements. As a consequence, Hanover Direct is not in a position to file its annual report for the year ended December 25, 2004 or its quarterly reports for the fiscal quarters ended September 25, 2004, March 26, 2005 or the second fiscal quarter of 2005, the company says.
"We are extremely disappointed that further delays in completing the year-end audit process prevent us from filing our 2004 10-K and all past due 10-Q`s,” says CEO Wayne Garten. “We believe that the company has completed its work and we continue to cooperate fully with our auditors and are assisting them in every way possible. We are awaiting their final review and sign off on the 2004 audit. It has been and continues to be our intention to file all financial statements as soon as possible and we will continue to devote all available resources until we become current in our filings."
In addition to publishing catalogs and e-commerce sites for brands such as International Male, Undergear and Domestications, Hanover Direct owns and operates Keystone Internet Services, a third-party technology and fulfillment company.