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Macy's has launched an independent investigation, including forensic analysis, into the discrepancy and identified that a single accounting unit employee overseeing small package delivery expenses ...
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 ...
The employee, whom Macy’s said is no longer with the company, “intentionally made erroneous accounting accrual entries” to hide small package delivery expenses. ... Bloomingdale’s fared ...
Macy’s reported stronger-than-expected sales for the third quarter and said it’s delaying the release of its full quarterly results after it discovered an employee intentionally hid up to $154 ...
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.
The accounting irregularities prompted the company to delay reporting its full third-quarter results for 2024
Bloomingdale's Inc. is an American luxury department store chain founded in 1861 by Joseph Bloomingdale and Lyman Bloomingdale.It was acquired by Federated Department Stores in 1930, which purchased the Macy’s department store chain in 1994, when they became sister brands.
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.