this post was submitted on 25 Nov 2024
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Economics

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Macy’s says single employee was responsible for hiding up to $154m in expenses (www.theguardian.com)
submitted 3 weeks ago by MicroWave to c/economics
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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.

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[–] stoly 4 points 3 weeks ago

They don’t really go into what hiding these expenses was about. Was this fraud? Someone hiding an error? Embezzlement?