Macy's Uncovers $151M Accounting Scandal by Lone Employee
TL;DR Summary
Macy's discovered that a former employee hid over $151 million in expenses to cover up a bookkeeping mistake, without personal gain. This revelation delayed the company's earnings report and led to a significant drop in its stock price. Macy's has since lowered its profit outlook and plans to close 65 stores next year as part of a broader strategy to shutter 150 locations by 2027. The company is implementing stricter controls to prevent future incidents.
- Macy's rogue employee hid $151M in expenses to cover up mistake, wasn't motivated by personal gain: report New York Post
- Macy's employee who hid $151 million in delivery expenses was trying to mask initial mistake, sources say CNBC
- Macy’s speeds up store closures to amp up turnaround Retail Dive
- Macy’s Probe Found Employee Acted Alone in $151 Million Accounting Scandal The Wall Street Journal
- Macy’s Details Multimillion-Dollar Accounting Error in Downbeat Report The New York Times
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