Macy’s says employee hid up to $154 million in expenses since 2021
According to Macy's, a former employee hid shipping costs of up to $154 million over almost three years.
Ahead of its third-quarter earnings release, the department store operator announced Monday morning that the individual who allegedly concealed the money was no longer employed by the company. A request for comment was not immediately answered by the corporation, whose statement on the subject did not specify when the employee departed the position.
According to Macy's, the problem was found during the preparation of its financial report for the three-month period that ended on November 2. It was supposed to release its findings before the opening of the U.S. stock markets on Tuesday, but it has postponed doing so until December 11 in order to give an independent probe time to complete....