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  1. 01-25-2002, 03:01 PM #1
    ptbyjason Guest

    Kmart probes accounting practices

    Anonymous letter leads to independent investigation

    TROY, Mich., Jan. 25 — Kmart Corp., which filed for bankruptcy earlier this week, said on Friday it launched an internal investigation of its accounting as a result of an anonymous letter sent to its directors and auditors and government regulators.

    THE KMART ACTION is the latest sign of the unease over business accounting practices because of the scandal over the collapse of energy trading giant Enron Corp.
    Kmart, the No. 2 discount retail chain behind Wal-Mart Stores Inc., said it contacted the U.S. Securities and Exchange Commission after receiving the letter. The agency has since authorized a private investigation.

    The SEC said it will be requesting documents from Troy, Michigan-based Kmart, and the retailer plans to fully cooperate, according to a Kmart spokesman.
    “The responsible action by any company is to conduct an investigation and let people know that we’re cooperating fully with the SEC investigation,” said Jack Ferry, a Kmart spokesman.
    Ferry would not provide details of the letter, which purports to be from Kmart employees, but characterized its contents as “very vague.” The retailer’s statement gave no indication when the letter was received.
    SEC officials were not immediately available to comment.
    Kmart’s board of directors hired law firm Skadden, Arps, Slate Meagher & Flom and accountants Deloitte & Touche LLP to conduct an independent investigation.
    Kmart’s auditors are PricewaterhouseCoopers LLP, according to documents filed with government regulators. Calls to PricewaterhouseCoopers were not immediately returned.
    Kmart filed for Chapter 11 bankruptcy protection on Tuesday after its sales were disappointing compared with competitors over the crucial Christmas holiday shopping season.
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  2. 01-25-2002, 03:03 PM #2
    ptbyjason Guest
    Here you go partyboy.

    souce
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  3. 01-25-2002, 03:11 PM #3
    partyboynyc
    partyboynyc is offline Anabolic Member
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    thanks jay

    see i told you i told you!!down w/ shady Kmart!!!
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  4. 01-25-2002, 03:15 PM #4
    partyboynyc
    partyboynyc is offline Anabolic Member
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    put on CNNfn

    kmart thing is coming up next after the commercial
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  5. 01-25-2002, 08:46 PM #5
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    arthurb999
    arthurb999 is offline Anabolic Member
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    Where is PTbyJason going to buy his clothes now?!?
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  6. 01-25-2002, 08:49 PM #6
    ptbyjason Guest
    Originally posted by arthurb999
    Where is PTbyJason going to buy his clothes now?!?
    funny guy, huh? I guess I will just have to go to the 2nd hand store now. You are so wrong for that. LOL
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