Macy's Faces Financial Turmoil Amid Accounting Errors and Investigations

Macy's concluded an investigation into an employee who hid $151 million in delivery expenses over three years, leading to revised financial statements. The company is enhancing its internal controls to prevent future issues. Despite the scandal, Macy's reported a slight increase in its full-year sales forecast but lowered its earnings outlook, causing shares to drop over 8%. The company is also facing pressure from activist investors, with Barington Capital pushing for strategic changes, including a potential sale of luxury brands.