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MINNEAPOLIS - Nash Finch Co. said on Tuesday the U.S. Securities and Exchange Commission will not object to how the company accounts for certain vendor charges, based upon the food retailer and distributor's oral and written representations.
The Minneapolis-based company had said last month it may face liquidity problems, which could include loan covenant breaches or a stock delisting, if the SEC were to conclude the company failed to account for so-called "count-recount charges" properly. Nash Finch said it is still cooperating fully with an SEC investigation that began last October.
Nash Finch also said it has hired Ernst & Young to audit its 2002 financial statements and is working with Ernst to determine when it can release its third quarter and full year 2002 results. Deloitte & Touche, its former auditor, resigned effective Jan. 28.