BusinessBusiness RecoveryToy retailer forced to restate results

Toy retailer forced to restate results

No child's play for Toys 'R' Us

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.

Further reading:

KPMG administrators called in at Toyworld

Toymaster calls in KPMG administrators

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