Hanover Direct, Inc. (AMEX: HNV) announced today that it has completed an amended $82,500,000 revolving line of credit facility refinancing with Congress Financial Corporation effective March 24, 2000. Hanover Direct, Inc. has utilized $24,000,000 of this facility in connection with the redemption of outstanding Term Financing of $16,000,000 and Industrial Revenue Bonds of $8,000,000 and to retire $24,000,000 in outstanding Letters of Credit supporting these borrowings issued by UBS AG and guaranteed by Richemont Finance S.A.

"We are very pleased to expand our financing relationship with Congress," stated Rakesh K. Kaul, President and Chief Executive Officer, "and consolidate more of our borrowing base with such a strong financial partner."

"Congress has rapidly responded to our growth strategy," commented Brian C. Harriss, Senior Vice President and Chief Financial Officer, "and provided truly outstanding financing leadership, service and support to Hanover Direct, Inc. to develop this amended facility."

About Hanover Direct, Inc.
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, general merchandise and gift brands, including Domestications, The Company Store, Turiya, Domestications Kitchen & Garden, Kitchen & Home, Encore, Improvements, Silhouettes International Male, Undergear, 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®. 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 erizon subsidiary also services the logistical, IT and fulfillment needs of the Hanover Brands subsidiary. Information on Hanover Direct, including each of its subsidiaries, can be accessed on the Internet at www.hanoverdirect.com.

AGG International, Public Relations
Paula Zwerdling / paula@aggintl.com
Paul Scott / paulscott@aggintl.com
Tel: (212) 869-8230

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