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TROY, Mich. - Kmart Corp. today stated that it has received an anonymous letter expressing concern regarding unspecified accounting matters. The letter, which was addressed to the Securities & Exchange Commission (SEC), the company's auditors and board of directors, purports to come from employees of the company.
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.
Upon receipt of the letter, Kmart also contacted the SEC, which has subsequently authorized a private investigation. Kmart advised the SEC of the independent investigation in progress and that the company intends to cooperate fully with the SEC.