Macy's say employee hid up to $154 million in expenses

(NewsNation) — A Macy's worker allegedly hid up to $154 cardinal successful expenses, according to the company.

The retail giant, which besides operates Bloomingdale's, made the revelation successful a property merchandise detailing its preliminary third-quarter results of 2024.

In Monday's release, Macy's said the worker "intentionally made erroneous accounting accrual entries to fell astir $132 to $154 cardinal of cumulative transportation expenses from the 4th fourth of 2021 done fiscal 4th ended November 2, 2024."

The uncovering occurred via an autarkic probe which recovered the worker was liable for "small bundle transportation accounting disbursal accounting."

Macy’s said there’s nary denotation that the erroneous accounting accrual entries had immoderate interaction connected its currency absorption activities oregon vendor payments.

The institution added that the idiosyncratic down the behaviour is nary longer an worker and that the probe didn’t place engagement by immoderate different worker.

“At Macy’s Inc., we beforehand a civilization of ethical conduct,” Chairman and CEO Tony Spring said successful a statement.

“While we enactment diligently to implicit the probe arsenic soon arsenic practicable and guarantee this substance is handled appropriately, our colleagues crossed the institution are focused connected serving our customers and executing our strategy for a palmy vacation season.”