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- Macy's employee responsible for up to $154m in hidden expenses
Macy's employee responsible for up to $154m in hidden expenses
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A single employee at Macy's is responsible for hiding up to $154 million in expenses over nearly three years. This employee was tasked with accounting for small package delivery expenses. An independent investigation found no evidence of any other employee's involvement in the accounting irregularities. As a result, Macy's has delayed the release of its quarterly earnings report from its original date of November 30 to December 11.
And people on the things that they want, the things that are priced sharply, on the newness, they're responding, but even the affluent consumer is not spending like they were a year ago.
We see that there is definitely a softness, a carefulness, a delay in the conversion of purchasing.
At Macy's, Inc, we promote a culture of ethical conduct. While we work diligently to complete the investigation as soon as practicable and ensure this matter is handled appropriately, our colleagues across the company are focused on serving our customers and executing our strategy for a successful holiday season.
Such things create more nervousness for investors who are already concerned about the company's performance.
sources
- 1.CTV News
- 2.The Guardian
- 3.The Times
- 4.CNBC
- 5.CNN
perspectives
- 1.Scandal
- 2.Lawsuit
- 3.Fraud
- 4.Online Retail
- 5.Retail