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Macy’s found a single employee hid up to $154 million worth of expenses

  • Macy's reported weaker-than-expected sales and is delaying its third-quarter earnings results after discovering that an employee hid up to $154 million of expenses.
  • An investigation found that the employee made erroneous accounting entries to conceal around $132 million to $154 million in expenses from 2021 through November 2.
  • Macy's stated there was no impact on cash management or vendor payments, and the involved employee is no longer with the company.
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