Macy's Uncovers $151 Million Accounting Scandal by Rogue Employee
TL;DR
Macy's revealed that a rogue employee concealed $151 million in delivery expenses over nearly three years, impacting the company's financial reporting and causing a delay in its quarterly earnings release. The employee, who manipulated cost entries from late 2021 to 2024, is no longer with the company. Macy's shares fell by up to 10% following the announcement, as the company also reported earnings below analysts' expectations. Macy's is now strengthening its financial controls to prevent future incidents and is focused on maintaining ethical standards across the organization.
Topics:top-newsbusiness#business#corporate-governance#financial-reporting#fraud#macys#retail-industry
- Macy's confirms rogue employee hid $151 million in expenses over three years NBC News
- Macy's ends delivery expense investigation, saying employee hid $151 million CNBC
- Macy’s Probe Found Employee Acted Alone in $151 Million Accounting Scandal The Wall Street Journal
- Macy’s Details Multimillion-Dollar Accounting Error in Downbeat Report The New York Times
- Macy’s provides more details about that employee who hid more than $150 million worth of expenses CNN
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