Macy's Employee Allegedly Hid $154 Million in Delivery Expenses

SOURCE www.npr.org
A former Macy's employee allegedly hid up to $154 million in delivery expenses over nearly three years, leading to an independent investigation by the retailer.

Key Points

  • Employee hid $132 to $154 million in cumulative delivery expenses
  • No other employees were involved
  • Company discovered the error while preparing financial statements

Pros

  • Independent investigation launched
  • Employee responsible is no longer with the company
  • No indication that cash management or payments to vendors were impacted

Cons

  • Potential financial impact on Macy's
  • Delay in release of third quarter earnings