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March 31, 1994|From Times Staff and Wire Reports

Woolworth Discloses Accounting Irregularities: The New York-based operator of specialty and general merchandise store chains said it will restate some financial results to correct gross margins and disclosed an investigation into possible accounting irregularities. The company said it will publish restated figures for its latest fiscal year, which ended Jan. 29, and may have to restate results for the prior year as well. While Woolworth said the changes for 1993 and possibly for 1992 aren't likely to have an effect on its overall annual results for those years, the retailer noted that it wasn't yet able to estimate the amounts of the required restatements.

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