An accounting employee for Macy’s intentionally hid between $132 million and $154 million in delivery expenses over several years, delaying the company’s third-quarter results.
The person, who was specifically responsible for small-package delivery expense accounting, is no longer employed by the company. It is unknown what the person’s motivations were for hiding the expenses.
Macy’s will hold its annual Thanksgiving Day parade this week and its Black Friday promotions.
“At Macy’s, Inc., we promote a culture of ethical conduct,” CEO Tony Spring said in a statement Monday morning. “While we work diligently to complete the investigation as soon as practicable and ensure this matter is handled appropriately, our colleagues across the company are focused on serving our customers and executing our strategy for a successful holiday season.”
The employee hid…
