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Macy, accounting scandal

Hosted on MSN · 16h

Macy’s employee responsible for a $151 million accounting scandal made one mistake that snowballed into an intentional coverup

Macy’s finally released its third-quarter earnings on Wednesday after having to delay it due to a massive accounting scandal caused by one employee. The employee, who no longer works for Macy’s made one mistake that led to years of coverup.

The Wall Street Journal on MSN · 1d

Macy’s Probe Found Employee Acted Alone in $151 Million Accounting Scandal

Macy’s has completed its investigation into accounting problems and found that a single employee’s mistake and coverup created $151 million in false bookkeeping entries.

New York Post · 1d

Macy’s rogue employee hid $151M in expenses to cover up mistake, wasn’t motivated by personal gain

According to the Wall Street Journal, the employee told investigators about having mistakenly understated the amount of small parcel delivery expenses in late 2021, citing a source briefed on the

Hosted on MSN16h

Macy's Strengthens Controls After Hidden Expenses Scandal

Macy's has completed a thorough investigation into a serious accounting scandal, where a single employee managed to conceal ...

1d

Macy's Employee Hid $151 Million In Costs Over Several Years

Macy's uncovered $151M in falsely recorded expenses due to one employee's misconduct. The company is working to regain trust and improve operations.

1d

Macy's Stock Slides 6% After Q3 Earnings Along With a $151 Million Scandal

Retail giant lowers earnings outlook but raises sales guidance as it recovers from a three-year accounting fiasco.

btimesonline13h

Macy’s to Close 65 Stores by Year-End in Aggressive Cost-Cutting Plan

Macy's Inc., once a titan of American retail, has announced plans to accelerate its store closure strategy, with 65 locations ...

1d

Macy’s Details Multimillion-Dollar Accounting Error in Downbeat Report

Macy’s, the largest department store chain in the United States, is in the midst of its latest turnaround plan, overseen by ...

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