Macy's has delayed its third-quarter earnings due to a forensic investigation into over $130 million in hidden expenses, attributed to a single dismissed employee.
The department store chain reported that a former employee concealed accounting entries worth between $132 and $154 million over three years, impacting financial integrity.
Macy's emphasized that the erroneous accounting accrual entries did not affect cash management or vendor payments, indicating financial stability amid the scandal.
Following the announcement, Macy's stock price saw a decline of 4% in premarket trading, reflecting market reactions to the investigation's findings.
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