Form 12b25
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 12b-25
NOTIFICATION OF LATE FILING
(Check One): [X] Form 10-K [_] Form 11-K [_] Form 20-F [_] Form 10-Q
[_] Form N-SAR
For Period Ended: December 28, 2002
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[_] Transition Report on Form 10-K
[_] Transition Report on Form 20-F
[_] Transition Report on Form 11-K
[_] Transition Report on Form 10-Q
[_] Transition Report on Form N-SAR
For the Transition Period Ended:____________________________________
Read Instruction (on back page) Before Preparing Form. Please Print or
Type.
Nothing in this form shall be construed to imply that the Commission has
verified any information contained herein.
If the notification relates to a portion of the filing checked above,
identify the Item(s) to which the notification relates: ________________________
PART I
REGISTRANT INFORMATION
Full name of registrant Footstar, Inc.
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Former name if applicable
________________________________________________________________________________
Address of principal executive office (Street and Number)
One Crosfield Avenue
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City, state and zip code West Nyack, New York 10994
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PART II
RULES 12b-25(b) AND (c)
If the subject report could not be filed without unreasonable effort or
expense and the registrant seeks relief pursuant to Rule 12b-25(b), the
following should be completed. (Check box if appropriate.)
[_] | (a) The reasons described in reasonable detail in Part III of this
| form could not be eliminated without unreasonable effort or
| expense;
|
| (b) The subject annual report, semi-annual report, transition report
| on Form 10-K, Form 20-F, Form 11-K or Form N-SAR, or portion
[_] | thereof will be filed on or before the fifteenth calendar day
| following the prescribed due date; or the subject quarterly
| report or transition report on Form 10-Q, or portion thereof will
| be filed on or before the fifth calendar day following the
| prescribed due date; and
|
[_] | (c) The accountant's statement or other exhibit required by Rule
| 12b-25(c) has been attached if applicable.
PART III
NARRATIVE
State below in reasonable detail the reasons why Form 10-K, 11-K, 20-F
10-Q, N-SAR or the transition report or portion thereof could not be filed
within the prescribed time period.
Footstar, Inc. (the "Company") announced today that it expects to file
its Annual Report on Form 10-K for the fiscal year ended December 28, 2002 by
April 30, 2003, by which time it expects to complete the restatements associated
with the Company's previously announced investigation into accounting
discrepancies identified by Footstar management. Since November 2002, Footstar
and its advisors have been investigating discrepancies in its prior financial
statements. Footstar believes it has identified all of the financial
discrepancies in its prior accounts and the restated financial statements are
now under review by the Company's external auditors, KPMG LLP. The Company will
file its Form 10-K and Form 10-Q as soon as practicable.
PART IV
NARRATIVE
(1) Name and telephone number of person to contact in regard to this
notification:
Maureen Richards (845) 727-6500
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(Name) (Area Code) (Telephone Number)
(2) Have all other periodic reports required under Section 13 or 15(d) of the
Securities Exchange Act of 1934 or Section 30 of the Investment Company Act
of 1940 during the preceding 12 months or for such shorter period that the
registrant was required to file such report(s) been filed? If the answer
is no, identify report(s).
[_] Yes [X] No
As announced by the Company on November 13, 2002, in the course of a
management review of the account reconciliation processes at its Shared Services
Center in Dallas, the Company discovered discrepancies in the reporting of its
accounts payable balances. The Company launched an internal investigation and
retained outside counsel to assist in the matter. Because the investigation is
continuing, the Company did not file its Quarterly Report on Form 10-Q on
November 12, 2002, when it was otherwise due. The Company will file its Form
10-Q as soon as practicable.
(3) Is it anticipated that any significant change in results of operations from
the corresponding period for the last fiscal year will be reflected by the
earnings statements to be included in the subject report or portion
thereof?
[X] Yes [_] No
If so: attach an explanation of the anticipated change, both narratively
and quantitatively, and, if appropriate, state the reasons why a reasonable
estimate of the results cannot be made.
Please refer to the Company's press release dated March 28, 2003,
attached hereto.
Footstar, Inc.
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(Name of Registrant as Specified in Charter)
has caused this notification to be signed on its behalf by the undersigned
thereunto duly authorized.
FOOTSTAR, INC.
Date: March 28, 2003 By: MAUREEN RICHARDS
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Maureen Richards,
Senior Vice President, General Counsel
and Corporate Secretary
Exhibit Index
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Exhibit No. Exhibit
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99.1 Press release of Footstar, Inc. dated March 28, 2003.