Toy retailer forced to restate results

Errors uncovered in how Toys “R” Us
recorded its income taxes, has forced the retailer to restate first three
quarters of fiscal 2006.

In a regulatory filing with the SEC, Toys “R” Us said it had restated net
sales and expenses to reflect increases of $19m and $35m for the quarter and
fiscal year ending 29 July respectively.

The company is owned by a consortium of private equity firms including Bain
Capital Partners, Kohlberg Kravis Roberts & Co. and Vornado Realty Trust.

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