DETROIT — Kmart Corp., which filed for bankruptcy protection earlier this week, said Friday it has begun an investigation after receiving an anonymous letter claiming to be from employees that expressed concern about unspecified accounting matters.
The nation's third biggest discount retailer said it had contacted the Securities and Exchange Commission about the letter and its own investigation and is cooperating with the regulatory agency.
The disclosure comes amid heightened sensitivity in the wake of the collapse of energy trader Enron Corp. amid questionable accounting practices.
Kmart said the letter was addressed to the SEC, Kmart's auditors, PricewaterhouseCoopers, and the company's board of directors.
After receiving the letter, Kmart said it contacted the SEC and notified it about its own investigation. Kmart said the SEC has authorized a private investigation, and Kmart plans to fully cooperate with it.
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