Macy’s Says Employee Intentionally Hid Millions In Delivery Expenses

Macy’s Inc. said Monday that it discovered an employee intentionally hid millions of dollars in delivery expenses, resulting in a $39 million accounting error in 2022.

What Happened? The Key Details You Need to Know

The employee, who has since been fired, allegedly manipulated invoices and other documents to conceal the expenses. The company said the error was discovered during an internal investigation and has been corrected in its financial statements.

Why Does This Matter? The Bigger Picture

The incident raises concerns about internal controls and financial reporting at Macy’s. It also highlights the potential for fraud and abuse when employees have access to sensitive financial information.

Voices from the Scene – What Are People Saying?

“This is a serious matter, and we are taking steps to prevent it from happening again,” said Jeff Gennette, CEO of Macy’s. “We have zero tolerance for unethical or illegal behavior, and we will take appropriate action to hold those responsible accountable.”

What’s Next? Future Implications and Takeaways

Macy’s said it has implemented additional controls to prevent similar incidents in the future. The company is also working with law enforcement to investigate the matter.