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.
Macy's said it discovered the issue while preparing its financial report for the three-month period ending Nov. 2.
The company said the employee, who was responsible for the accounting of small package delivery expenses, "intentionally made erroneous accounting accrual entries" to hide about $132 million to $154 million from the fourth quarter of 2021 through the most recently completed quarter.
The independent investigation hasn't identified any other Macy's employee, the company said.
The move will leave 350 Macy’s locations, as well as Bloomingdale’s and Bluemercury beauty and skin care stores, which the company said have been “outperformers” within the Macy’s portfolio.
Persons:
Macy’s, didn't, Macy's, Tony Spring
Organizations:
Inc