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Jeff Gennette

Business
Macy's Employee Hid Up To $154M In Expenses Since 2021, Company Says Macy's Employee Hid Up To $154M In Expenses Since 2021, Company Says
Macy's Employee Hid Up To $154M In Expenses Since 2021, Company Says A Macy’s employee misstated up to $154 million in delivery expenses over several years, the company just said. The development forced the retailer to delay its third-quarter earnings report. The employee, whose name has not been released, has been fired. According to the company, the employee responsible for accounting small package delivery expenses made erroneous accrual entries to conceal the costs from the fourth quarter of 2021 through the most recent quarter. During that time, Macy’s reported a total of $4.36 billion in delivery expenses. The company conducted an independent investi…

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by Joe Lombardi
News
Macy's To Close 125 Stores While Launching New Smaller-Format Outlets Macy's To Close 125 Stores While Launching New Smaller-Format Outlets
Macy's To Close 125 Stores While Launching New Smaller-Format Outlets Macy's has announced it plans to close 125 stores over the next three years and slash about 2,000 corporate jobs while launching new smaller outlets. Macy’s, which has shut down more than 100 stores since 2015, said it will exit weaker shopping malls while changing its focus to opening smaller-format stores in strip centers called Market by Macy’s. This new format is smaller than an average Macy’s store and will be located off-mall in lifestyle centers," said Jeff Gennette, chairman and chief executive officer of Macy’s, Inc.  "Market by Macy’s will feature a mix of curated Macy…

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by Joe Lombardi