US retailer Kmart said today it has launched an internal investigation after it received an anonymous letter expressing concern regarding unspecified accounting matters.
The letter, which was addressed to the US Securities and Exchange Commission (SEC), Kmart's auditors and board of directors, purports to come from employees of the company, Kmart said in a statement.
The letter has been referred to the Audit Committee of the Board of Directors, which promptly engaged outside counsel and accounting consultants to conduct an independent investigation, it said.
Kmart said it has contacted the SEC, which has subsequently authorized a private investigation, upon receipt of the letter.
The company, which earlier this week filed for bankruptcy protection, said it intends to cooperate fully with the SEC.
AFP