Scandal at Macy’s: former employee concealed millions of dollars in expenses
26 november 2024 в 21:28
Macy’s is preparing for the biggest season of the year — the holiday season. Just a few days before the annual Thanksgiving Day Parade, it was revealed that a former employee of the department store chain had concealed millions of dollars in expenses while working at Macy’s. As a result, the company has postponed its third-quarter earnings report until December 11th «for the completion of an independent investigation».
According to CNN, Macy’s stated that the former employee «intentionally made erroneous accounting entries» and concealed expenses related to the delivery of small packages.
The former employee, whose name was not disclosed, was responsible for numerous accounting errors. As a result, the company was forced to delay its quarterly earnings report.
The unknown former employee «intentionally» made incorrect accounting entries, concealing millions of dollars in expenses related to the delivery of small packages, Macy’s announced. This had been going on for three years — at least since 2021.
«At Macy’s, Inc., we encourage a culture of ethical behavior», - explained Macy’s CEO Tony Spring in a statement. «While we work diligently to complete the investigation as quickly as possible and ensure that this matter is handled appropriately, our colleagues throughout the company are focused on serving our customers and executing our strategy for a successful holiday season».
According to CNN, the unidentified employee concealed expenses totaling around $ 154 million from Macy’s. The total amount of hidden expenses was insignificant compared to the company’s overall delivery costs: $ 4 billion.
Macy’s also noted that there are «no indications that the erroneous accounting entries had any impact on the company’s cash management activities or payments to suppliers»
According to CNN, Macy’s stated that the former employee «intentionally made erroneous accounting entries» and concealed expenses related to the delivery of small packages.
The former employee, whose name was not disclosed, was responsible for numerous accounting errors. As a result, the company was forced to delay its quarterly earnings report.
The unknown former employee «intentionally» made incorrect accounting entries, concealing millions of dollars in expenses related to the delivery of small packages, Macy’s announced. This had been going on for three years — at least since 2021.
«At Macy’s, Inc., we encourage a culture of ethical behavior», - explained Macy’s CEO Tony Spring in a statement. «While we work diligently to complete the investigation as quickly as possible and ensure that this matter is handled appropriately, our colleagues throughout the company are focused on serving our customers and executing our strategy for a successful holiday season».
According to CNN, the unidentified employee concealed expenses totaling around $ 154 million from Macy’s. The total amount of hidden expenses was insignificant compared to the company’s overall delivery costs: $ 4 billion.
Macy’s also noted that there are «no indications that the erroneous accounting entries had any impact on the company’s cash management activities or payments to suppliers»
© Kolganov Andrey
