Business Services Industry
Trans World Entertainment Corp. Restates 2002 Results.
Knight Ridder/Tribune Business News, April, 2003
By Jeremy Boyer, Times Union, Albany, N.Y. Knight Ridder/Tribune Business News
Apr. 30--Trans World Entertainment Corp. on Tuesday restated its 2002 financial results, dropping its net loss another $17 million.
The biggest contributor to the restatement is a change in the way the music, video and games retailer accounts for discounts received from vendors.
The handling of such allowances has been a major issue confronting the retail industry in recent months, especially after Dutch supermarket giant Royal Ahold disclosed in February its results were off by as much as $500 million because of problems related to vendor considerations.
Trans World said it made the changes to its fiscal 2002 results to comply with new standards...
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