Kmart Woes
The Federal Bureau of Investigation and the Securities and Exchange Commission are investigating discount giant Kmart’s accounting practices, thanks to an anonymous tip sent to the retailer, which is conducting its own investigation. Kmart also announced plans to close 283 of its more than 2,000 stores nationwide. It announced plans to restate some of its 2001 financial statements earlier this year. The retailer has been operating under Chapter 11 bankruptcy protection since January.
