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TROY, Mich. - Kmart Corp. is asking for an extension to file its annual report with the Securities and Exchange Commission because its new management needs more time to review the company's accounting practices, The Associated Press reports.
The original deadline for Kmart?s filing was Tuesday, but the company said it planned to ask for an extension until May 15.
Kmart reported that the results of operations for the year ended Jan. 30 are expected to include a loss "significantly higher" than the $244 million loss reported for the previous fiscal year.
The retailer is considering a possible change in its accounting methodology, according to the AP.