Footstar, Inc. said Wednesday that it would not file its Form 10-K for the fiscal year ended December 28, 2002 by April 30, 2003, as previously expected, because its financial statements continue to be under review by the Company’s external auditors, KPMG LLP. In November 2002, the Company announced that management had identified accounting discrepancies that will require a restatement of the Company’s financial results for the first half of 2002 and prior periods.
As the Company announced on March 28, 2002, it believes it has identified the financial discrepancies in its prior years accounts. The Company is working with KPMG to complete the audit process as soon as practicable. Once KPMG completes its review, the Company will release the results of the restatement and its audited financial results for fiscal 2002. The Company noted that all of its vendors have been and continue to be paid in full in the ordinary course of business.
The Company further noted that its lenders, led by Fleet National Bank, have waived their requirements for financial statements at this time.
