Macy’s says single employee was responsible for hiding up to $154m in expenses
Macy’s says single employee was responsible for hiding up to $154m in expenses
Largest US department store chain delays release of quarterly earnings report to investigate ‘erroneous accounting entries’
Summary
Macy’s delayed its earnings report due to a single employee’s $132–$154 million in erroneous accounting entries for nearly three years.
Forensic investigation uncovered irregularities amid Macy’s broader financial struggles, with quarterly sales down 2.4% compared to 2023.
While Macy’s core stores face declining consumer spending, its Bloomingdale’s and Bluemercury brands show modest growth.
Macy’s also plans to close 150 stores by 2027, reducing its footprint to 350 locations.
Hunh. I wonder why "scapegoat" is hardly ever plural. A question for the sages.
They don’t really go into what hiding these expenses was about. Was this fraud? Someone hiding an error? Embezzlement?