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.
The second largest improvement in ‘significant’ levels of financial distress since the EU Referendum was in professional services, found research from Begbies Traynor
Steve Absolom and Will Wright from KPMG Restructuring have been appointed joint administrators to City Motor Holdings and associated companies
Partners from Johnston Carmichael have been appointed as joint administrators to Axon Well Interventions Products UK
Begbies Traynor have been appointed administrators of William Anelay Ltd, York, one of Britain’s longest-established construction and heritage restoration companies