Macy’s employee ‘hid $154m in expenses by making mistakes in accounts on purpose’ forcing chain to delay earnings call

Due to allegations that a MACY’S employee concealed up to $154 million in accounting-related problems, the department store company was forced to postpone its results call.

While preparing its third-quarter results report, which concluded on November 2, the corporation discovered the problem.

Early in November, according to Macy’s, a problem with shipping costs was discovered in one of its accrual accounts.

According to the company, the unidentified employee purposefully concealed up to $154 million in expenses over almost three years, beginning with the fourth quarter of 2021.

According to Macy’s, the lone worker “intentionally made erroneous accounting accrual entries” to conceal minor item transportation costs. The worker is no longer employed by the company.

Macy’s stated that there was no proof that the erroneous computation had impacted their vendor payments or cash management.

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