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HORN & HARDART CHANGES NAME TO HANOVER DIRECT TO REFLECT STATUS AS LEADING DIRECT SPECIALTY RETAILER

 WEEHAWKEN, N.J., Aug. 31 /PRNewswire/ -- The Horn & Hardart Company (AMEX: HOR), which pioneered the concept of fast food with its Automat restaurants, today announced that its name change to Hanover Direct, Inc. will be effective Sept. 7, 1993, and the company will trade on the American Stock Exchange under the symbol "HNV." The name change will be accomplished by a merger of Horn & Hardart into a newly formed Delaware corporation, Hanover Direct, Inc., to be followed on Sept. 8, 1993, by a merger of The Hanover Companies, a subsidiary of Horn & Hardart, with and into Hanover Direct.
 The mergers will eliminate duplicative costs of having two public companies, and will make the company easier for securities analysts to understand and follow. Shareholders are not required to turn in their Horn & Hardart stock certificates to accommodate the merger, which will be carried out as a one-for-one exchange.
 Jack E. Rosenfeld, president and CEO, said that the name change symbolizes the company's break with its restaurant past and marks the final step in a two-year restructuring of its operations and balance sheet. "Horn & Hardart is one of the great names in American corporate history, but it no longer captures the company as it is today. Our new name tells much about us. Hanover Direct's catalog operations, which are now our only business, began over 50 years ago in Hanover, Pa., while "Direct" summarizes the company as it is today, focused exclusively on direct-marketing.
 "Going forward, we are determined to become America's leading direct specialty retailer," Mr. Rosenfeld said. "We have the unique ability among catalog companies to target a wide variety of demographic segments, with an extensive portfolio of specialized catalogs and with a marketing strategy driven by a proprietary customer mailing list of more than 16 million names."
 Hanover Direct is the largest multi-title direct retailing company in the U.S. Its catalog include Domestications, the largest home furnishings catalog in the country; Colonial Gardens Kitchen, serving 1.2 million customers with work-saving and lifestyle-enhancing items for the kitchen; International Male, which targets fashion-conscious young men with private-label goods; Gump's, the San Francisco landmark specialty retailer and cataloger; and Silouhettes, which offers contemporary fashions to large-size women.
 Hanover Direct, which had 1992 revenues of $586.6 million, is headquartered in Weehawken.
 -0- 8/31/93
 /CONTACT: Michael P. Sherman, executive vice president, 201-319-3403, or Wayne P. Garten, executive vice president, 201-319-3452; or Gregory William Miller of Robinson Lake/Sawyer Miller, 212-484-7404/
 (HOR)


CO: Horn & Hardart Company; Hanover Direct, Inc. ST: New Jersey IN: SU:

TS-PS -- NY008 -- 7380 08/31/93 09:13 EDT
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Publication:PR Newswire
Date:Aug 31, 1993
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