Bombay Withdraws Previously Restated Results
The Bombay Company, Fort Worth, TX, reported this week that it withdrew the restated financial results it released March 22 as a result of new information from the Securities and Exchange Commission.The earlier restatement came after the company finalized the review of its lease accounting practices in light of information received from the SEC on Feb. 7. The company said then that it would modify its lease accounting practices.
But since the March 22 announcement, the SEC provided further information that Bombay said caused it to reassess the manner in which it had planned to revise its lease accounting practices.
The company expects to complete its evaluation of the new information within a week and to release revised financial statements at that time.
