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Jeff Gennette

Business
Employee Hid Up To $154M In Expenses Since 2021, Macy's Says Employee Hid Up To $154M In Expenses Since 2021, Macy's Says
Employee Hid Up To $154M In Expenses Since 2021, Macy's Says A Macy’s employee had misstated up to $154 million in delivery expenses over several years. The development forced the retailer to delays 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 investigation, which…

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by Joe Lombardi