In connection with the restatement described above, management determined that as of January 29, 2005, the Company did not maintain effective internal control over financial reporting and that a material weakness existed.
Management has taken steps to remediate these control deficiencies, which will be fully tested by year-end.
The Audit Committee of the Company's Board of Directors has completed its review and investigation related to the accounting error described above.
The investigation concluded that the accounting error did not result from misconduct or intentional wrongdoing.
The restatement and the actions taken to remedy control deficiencies were approved by the Audit Committee.
Kellwood is a marketer of apparel and consumer soft goods with sales in excess of $2 billion.
Kellwood specializes in branded as well as private label products, and markets to all channels of distribution with product specific to a particular channel.
marketing@alchempro.com
