Macy's Uncovers Employee's $154M Expense Concealment
TL;DR Summary
Macy's has delayed its quarterly sales update after discovering that a single employee concealed over $130 million in delivery-related costs over three years. The company is conducting an investigation and has stated that the issue will not affect its payments to other firms. The employee responsible is no longer with the company. Despite the incident, Macy's is focusing on its holiday season strategy amid declining sales.
Topics:top-news#accounting-scandal#business#corporate-ethics#financial-investigation#macys#retail-industry
- Macy's says worker hid more than $130m in costs BBC.com
- Macy’s found a single employee hid up to $154 million worth of expenses CNN
- Macy’s delays Q3 2024 earnings after employee concealed $154m delivery expenses Yahoo! Voices
- Macy's $132 million mystery has auditing experts scratching their heads Business Insider
- Macy’s Discovers Employee Hid Millions in Delivery Expenses The New York Times
Reading Insights
Total Reads
0
Unique Readers
1
Time Saved
1 min
vs 2 min read
Condensed
80%
334 → 66 words
Want the full story? Read the original article
Read on BBC.com