Macy’s says single employee was responsible for hiding up to $154m in expenses

Largest US department store chain delays release of quarterly earnings report to investigate ‘erroneous accounting entries’

Macy’s revealed on Monday that a single employee was responsible for hiding up to $154m in expenses over the course of nearly three years, prompting the company to delay the release of its quarterly earnings report.

The US’s largest department store chain, which owns other brands such as Bloomingdale’s and Bluemercury, found so many internal accounting irregularities that they were forced to conduct an independent forensic accounting investigation. Their full quarterly earnings report, originally planned for release on Tuesday, will now not roll out until 11 December.

Continue reading…

About Author