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Ricky Mulvey: It's wicked week, but it's also a week for Macy's. You'd think we'd be talking about the Macy's Thanksgiving Day parade this week, but Macy's has a problem going on at the corporate ...
Macy's said an employee intentionally made accounting errors totaling $132 million to $154 million. Auditing experts told BI the available evidence suggests a failure of internal accounting controls.
Good morning. Macy’s is in crisis mode after disclosing that an employee cooked the books for years, using unethical accounting practices to hide well over $100 million in expenses.
Macy's (originally R. H. Macy & Co.) is an American department store chain founded in 1858 by Rowland Hussey Macy.It has been a sister brand to the Bloomingdale's department store chain since being acquired by holding company Federated Department Stores in 1994, which renamed itself Macy's, Inc. in 2007.
On February 2, 2009, Macy's announced the elimination of 7,000 jobs, or 4% of its workforce, and slashed its dividend as it looked to lower expenses as part of a major restructuring. Cincinnati-based Macy's Inc. stated that the workforce reduction included positions in offices, stores, and other locations, and the cuts include some unfilled jobs.
Macy’s on Monday said an employee responsible for managing accounting for small package deliveries concealed up to $154 million in expenses over the course of nearly three years.
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In 1995, Federated Department Stores (now Macy's, Inc.), which owned both Macy's and I. Magnin specialty department stores, closed the I. Magnin chain. Macy's 1929/1948 building and its Union Square-facing buildings formed an "L" shape surrounding the I. Magnin Union Square store at the southwest corner of Stockton and Geary streets, built in 1946.