Rite-Aid Taps Deloitte as Audit Firm

Posted by accountingweb on Dec 6 1999 259 printer friendly

Deloitte & Touche has been hired by drug retailer Rite-Aid to replace KPMG as the company's audit firm. KPMG resigned the account last month, claiming that it could not trust the information the drug store chain provided to it.

The hiring of Deloitte coincides with the hiring of new CEO Robert G. Miller, vice chairman of Kroger Corporation and former chief of Fred Meyer Inc. Kroger owns Rite-Aid.

The company announced in October that it had to restate downward pretax earnings for the last three fiscal years to the tune of approximately $500 million. This eliminated half of the total pretax profit in that period.

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