A former employee of Macy’s has been accused by the retail company of hiding at least $132 million, but potentially as much as $154 million, in delivery expenses.
The staggering figure was revealed by the company deep into a news release focused on preliminary third quarter 2024 results, with sales cited as being “in line with expectations” by leadership.
Under a section focused on “other corporate developments,” the company said that an independent investigation was started earlier this month after the discovery of “an issue related to delivery expenses.” Macy’s made the move to delay its earnings release and conference call pending the investigation’s completion.
Per reps, the unnamed employee is no longer associated with Macy’s. The individual is described only as someone whose role gave them “responsibility for small package delivery expense accounting.” According to Macy’s, the individual “intentionally made erroneous accounting accrual entries” to hide tens of millions of dollars starting in late 2021 and through this year.
In a statement, Macy’s CEO Tony Spring said the company is working “diligently” toward a resolution in the investigation.
Complex has reached out to Macy’s reps for additional comment. This story may be updated.
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