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A&P Misses SEC Report Deadline

June 11, 2002

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MONTVALE, N.J. (AP) _ The Great Atlantic & Pacific Tea Co., which delayed filing its annual report last month because of accounting irregularities, missed a new deadline to file the document with regulators.

A&P was supposed to file its delayed annual report with the Securities and Exchange Commission on Monday. But a spokeswoman for the grocery-store chain said the document would not be submitted.

``We’re still investigating,″ spokeswoman Patti Councill told The Star-Ledger of Newark for Tuesday’s editions. She would not say when the report might be filed.

Company officials could not be reached for comment Tuesday.

A&P announced just before the long Memorial Day weekend it was examining how it accounted for vendor allowances and inventory in certain regions. Executives said they anticipated taking a charge against earnings that will reverse credits ``recognized prematurely as reductions of cost of merchandise sold.″

In that May 24 filing with the SEC, the company said it would submit its annual report within 15 calendar days. That deadline passed Saturday.

Vendor allowances are premiums manufacturers pay to retailers for promoting certain products or selling certain amounts. Industry insiders say there are dozens of ways to account for such allowances.

A&P, which employs more than 10,000 people in New Jersey, has been hit with several shareholder lawsuits since the announcement.

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