Macy's faces a severe accounting scandal, with a former employee intentionally misreporting delivery expenses from Q4 2021, leading to significant financial discrepancies.
Tony Spring, chairman of Macy's, emphasized the company's commitment to ethical conduct and swift resolution of the investigation to maintain customer service during the holiday season.
The accounting errors at Macy's are part of a worrying trend, with a 150% increase in similar misstatements across various large corporations in 2023, indicating broader industry problems.
Macy's will delay its earnings release to conduct a thorough investigation following the discovery of an employee's $154 million in concealed delivery expenses.
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