Macy’s is gearing up for its biggest season of the year – the holiday season. And just days before Thanksgiving, it was revealed that a former department store employee turned down a multi-million dollar offer while working at Macy’s. As a result, the company delayed its Q3 earnings report until December 11 “to allow for the completion of an independent audit.”
According to CNNMacy’s said the former employee “intentionally made false records” to conceal the minimum amount for package deliveries.
Find out more about the financial crisis, below.
Macy’s reported stronger-than-expected sales in the third quarter and said it was delaying the release of its full quarterly results after discovering that an employee had deliberately hid $154 million in cash over several years.
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– ABC News (@ABC) November 25, 2024
What happened to Macy’s?
Macy’s revealed that a former employee – whose name has not been made public – was responsible for many of the errors. As a result, the company had to delay its quarterly earnings report.
How Did a Macy’s Employee Hide Money?
An unnamed former employee “intentionally” filed false records and concealed millions of dollars in cash, Macy’s announced. This was done over three years – from at least 2021.
“At Macy’s, Inc., we promote an ethical culture,” Macy’s CEO Tony Spring explained in a statement. “While we are working diligently to complete this investigation as soon as possible and ensure that this matter is handled appropriately, the company’s staff are focused on serving our customers and implementing our policies for a successful holiday.”
How Much Money Did the Macy’s Employee Steal?
An unidentified employee hid $154 million in cash from Macy’s, according to CNN. The total amount of hidden money was small compared to the company’s total cost of delivery: $4 billion.
Macy’s also said that “there is no indication that the accounting errors affected the company’s financial management or payments to suppliers.”
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