The employee "intentionally made erroneous accounting accrual entries" to hide millions of dollars, Macy's said. The error forced the company to delay reporting its third-quarter results.

Days before Macy's is set to take center stage for its annual Thanksgiving Day Parade, the department store chain this week revealed a years-long accounting debacle unlikely to inspire gratitude among shoppers and shareholders.

Macy's announced an employee has "hid" up to $154 million, prompting the U.S. department store chain to delay the release of its third-quarter earnings report.