Zale Must Restate Financials
-- JCK Online, 11/1/2009 1:00:00 AM
In another blow to troubled Zale Corp., the company said its financial statements from fiscal years 2008 and 2009 contain errors and are no longer reliable.
Among those errors: Some $41 million in prepaid advertising costs should have been recorded as expenses. In addition, it needs to aggregate approximately $9 million on a pretax basis and record a $4 million charge related to federal income taxes to fiscal 2008. The company will delay filing its 2009 annual statement until Oct. 29th.
Zale's chief financial officer resigned in January.
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