Macy’s confirms rogue employee hid $151 million in expenses over three years
Macy's said Wednesday that a rogue employee was in charge of concealing $151 million in delivery costs over almost three years.
The department store chain claimed in a statement that accompanied its quarterly financial results that one employee who was in charge of accounting for small package delivery expenses purposefully made false cost entries from the fourth quarter of 2021 to the third quarter of 2024. According to a regulatory filing made by Macy's on Wednesday morning, the employee also fabricated supporting documentation.
During the company's earnings call, Tony Spring, the chairman and CEO of Macy's, stated that the inquiry revealed the employee acted independently and did not seek these actions for personal benefit.
According to individuals acquainted with the inquiry, the emplo...