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Montvale, N.J. (Sept. 13, 2002) -- Supermarket chain Great Atlantic & Pacific Tea Co. has named Big Four firm PricewaterhouseCoopers as its auditor, replacing Deloitte & Touche.The change comes as the company based here succumbed to accounting troubles, including restating its 1999, 2000, and 2001 earnings. The restatements followed a discovery that some vendor sales were pre-recorded.
As a result of the restatements, Great Atlantic absorbed a charge of $9.5 million.
Great Atlantic said it decided to make the auditor change after a "thorough evaluation process." Deloitte had served as its auditor for 46 years.
--Electronic Accountant Newswire staff
