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The investigation found the employee (who is no longer working at Macy’s), had made one accounting mistake in late 2021, which snowballed into years of coverup, a person briefed on the probe ...
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.
Macy's so-called First 50 stores – which are the ones Macy’s has renovated and put more effort into with extra customer service — produced a comparable sales gain of 1.9% in the latest quarter.
In 1991 Macy's announced plans to re-align its divisional structure and created a new Macy's West/Bullock's division by February 1992. While in the process of doing so, it declared bankruptcy on January 27, 1992. During the next two years, the I. Magnin group shuttered 11 stores of an already-reduced franchise with the historic original Bullock ...
Macy's CEO Tony Spring provided a fresh update on the rogue employee who hid $151 million in delivery expenses since 2021 and disclosed the individual is no longer with the company.
Macy's said Wednesday that it has tightened internal financial accounting measures after completing a probe of a rogue employee who hid $151 million in delivery expenses over a span of nearly ...
Macy’s announced Monday that a single employee was responsible for so many accounting irregularities that the company was forced to delay its quarterly earnings report, which the retailer had ...
The accounting irregularities prompted the company to delay reporting its full third-quarter results for 2024