Funny Money Inside Kmart?

Crain's Detroit has reported a statement by Kmart Corp. (Troy, Mich.) that the recently bankrupt retailer has begun an internal investigation into allegations of improper accounting practices.

Kmart said it has received an anonymous letter “expressing concern regarding unspecified accounting matters.”

Copies of the same letter — which stated it was being circulated by company employees — were sent to the Securities and Exchange Commission, the company's auditors and its board of directors. The private investigation has been authorized by the SEC.