updated 4/14/2005 6:33:39 PM ET 2005-04-14T22:33:39

Toys "R" Us Inc. Thursday delayed the filing of its annual report by up to 15 days, saying it needs time to finish an accounting restatement and for its auditor to assess internal controls.

The company, whose report was due on Thursday, said it expects the report to be filed within 15 days, which is the length of the standard grace period that the SEC allows for the late filing of annual reports.

Separately, the Wayne, N.J., retailer said that it still expects its acquisition by a group including private equity firms and Vornado Realty Trust to occur by July.

Toys "R" Us had previously announced that it would restate past results and delay its fourth-quarter results because of corrections to its lease-accounting methods. Many retailers have been reviewing lease accounting following a clarification by the Securities and Exchange Commission.

The company said that when it files its annual report, it expects to note a material weakness in its internal controls. However, that weakness will be "due solely to the restatement related to the company's accounting practices for leases and leasehold improvements."

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