How did a Macy’s employee hide millions in expenses for years?
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. A former employee ...
Macy’s Touted a Metric That Ended Up Being Juiced for Years by Former Employee
For years, Macy’s Inc. touted its ability to boost profits by cutting delivery costs and trimming other expenses on calls with Wall Street analysts. Then on Monday, the department store chain surprised investors by revealing that those very costs had become the source of an internal investigation into what the company has described as a multimillion-dollar employee plot to manipulate the metrics.
Macy’s says employee hid up to $154 million in expenses, delaying Q3 earnings
Macy’s says it’s delaying the release of its fiscal third-quarter earnings results after it discovered an up to $154 million accounting-related issue.
Macy's Delays Earnings After Finding Millions of Hidden Expenses
Macy's said it would delay the release of its third-quarter earnings after an investigation revealed an employee hid over $100 million of expenses. An employee responsible for small package delivery expense accounting intentionally made erroneous accounting accrual entries to hide about $132 million to $154 million of cumulative delivery expenses,
Macy’s Worker Hid Millions in Expenses, Prompting Earnings Delay
Macy’s Inc. is delaying its third-quarter earnings release after an investigation revealed an employee hid more than $100 million of expenses over several years.
Macy’s forced to delay quarterly earnings due to employee hiding up to $154 million in expenses
CNN’s Vanessa Yurkevich reports on Macy’s announcing that a single employee was responsible for so many accounting irregularities that the company was forced to delay its quarterly earnings report.
Macy's finds employee hid $154 million in expenses, report delayed
Macy's announced Monday that it would delay its full third-quarter earnings report because of an employee hiding up to $154 million in expenses, sending its stock plummeting in early trading.
Macy's Delays Q3 Earnings After Employee Hid up to $154M in Expenses
An internal investigation revealed that a single employee intentionally concealed these expenses over nearly three years.
Macy’s Is Selling This ‘Beautiful’ $56 Sherpa Blanket for Just $16, and Shoppers Say It Feels ‘So Soft and Cuddly’
Macy's shoppers are racing to score incredible Black Friday deals, and we've noticed that so many are already selling out.
Woman hurt in shooting outside Loop Macy's likely was not targeted, police say
Two groups of male teens had argued before the shooting, which sparked masses of festivalgoers and shoppers to run for cover, ...
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Macy’s uncovers shocking $154M hidden expense scheme
Macy’s, one of the leading retail giants in the United States, has recently made headlines after revealing a significant ...
Shoplifting ring stole $2M in clothes and cosmetics from Macy's and others in NY, NJ
Law enforcement officials say they have broken up a shoplifting ring that stole nearly $2 million in merchandise from ...
Macy's Thanksgiving Day Parade: See photos of floats through the years
With Thanksgiving upon us, the Macy's Thanksgiving Day Parade is a staple of the day. See how the iconic floats have changed ...
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Macy's Thanksgiving Day Parade: How to watch in AZ and who's performing
The Macy's Thanksgiving Day Parade takes to the streets of New York City Thursday. Here's when it starts, how long it lasts ...
How many balloons are in the Macy's Thanksgiving Day Parade? See the full list of 22 balloons
It's not a Macy's Thanksgiving Day Parade without giant balloons floating between the skyscrapers of New York City. What will ...
How to watch and stream the Macy's Thanksgiving Day Parade
The holiday season really kicks off when the massive helium balloons start floating through New York. Here's everything you ...
Macy's $132 million mystery has auditing experts scratching their heads
While Macy's says a single employee was responsible for the error, accounting and auditing experts told BI it should have ...