Macy's Faces Scrutiny Over $132 Million Accounting Scandal
Macy's recently disclosed a significant accounting issue where a former employee hid up to $154 million in expenses over three years in the small package delivery department. This oversight, which did not affect cash management or vendor payments, suggests a lapse in financial oversight. Experts note that the hidden expenses, while substantial, were relatively small compared to Macy's overall costs and may have been obscured by the pandemic-driven surge in online shopping and shipping costs. Macy's stock dipped slightly following the revelation, raising questions about the company's internal controls.