Macy’s Employee Allegedly Concealed $154M In Expenses – One America News Network

by Bunker | Posted on November 25, 2024November 25, 2024

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(Photo by Michael M. Santiago/Getty Images)

OAN Staff James Meyers
9:23 AM – Monday, November 25, 2024

Macy’s was forced to delay reporting its third-quarter earnings after it was revealed that an employee hid up to $154 million in expenses related to delivering small packages.

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The retail store said on Monday, that it discovered the accounting issue on one of its accrual accounts while preparing its quarterly financial statements.

The former employee who allegedly hid the money is no longer with the company, the department store operator said on Monday morning, ahead of its third-quarter earnings report.

The fallacious entries ran from the fourth quarter of 2021 through the most recent period, according to the company. Macy’s said its delivery expenses totaled around $4.36 billion during that period.

The independent investigation hasn’t identified any other Macy’s employee, the company said.

“At Macy’s, Inc., we promote a culture of ethical conduct. While we work diligently to complete the investigation as soon as practicable and ensure this matter is handled appropriately, our colleagues across the company…

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