EXHIBIT 99.2 MEMORANDUM OF UNDERSTANDING WHEREAS, Hanover Direct, Inc. (the "Company"), Chelsey Direct, LLC ("Chelsey") and Regan Partners, L.P. ("Regan Partners") have reached an agreement in principle on the terms of a recapitalization of the...Memorandum of Understanding • November 10th, 2003 • Hanover Direct Inc • Retail-catalog & mail-order houses
