Macy's Employee's $151M Cover-Up Sparks Shareholder Outrage

Macy's has concluded an investigation into a $151 million accounting error attributed to a single employee who made an initial mistake in late 2021 and subsequently covered it up. The error, which did not affect revenue or vendor payments, led to a delay in Macy's third-quarter earnings release and a drop in stock price. Macy's is now implementing stronger controls to prevent future issues. Despite the scandal, Macy's is focusing on growth opportunities at select store locations and remains committed to sustainable, profitable growth.