Kmart expects no impact from restated earnings
December 10, 2002,
Troy, MI — Vowing that it won't impact the company's liquidity and progress in formulating a plan to emerge from Ch. 11, Kmart will restate its financial statements for prior fiscal years, as well as the first two quarters of 2002.
Kmart concluded that restating its financial statements for the prior periods was appropriate because the aggregate adjustment was material to its 2002 fiscal year results.