Footstar, Inc. on Friday said that, based on the ongoing review of its financial statements by its external auditors, KPMG LLP, the Company will not file its Quarterly Report on Form 10-Q on May 13, 2003, when it is otherwise due.
As announced on April 30, 2003, the Company has been working with KPMG to complete the audit process following the discovery last November of accounting discrepancies, which will require a restatement of the Company’s financial results for the first half of 2002 and prior periods. After KPMG completes its review, the Company expects to release the results of the restatement, its audited financial results for fiscal 2002, and its results for the first quarter of fiscal 2003.
The Company’s lenders, led by Fleet National Bank, have waived their requirements for financial statements at this time.
