Macy's uncovered significant inaccuracies amounting to $132 million to $154 million in delivery expense accounting, impacting its financial statements and leading to an investigation.
The employee responsible for the discrepancies had been handling small package delivery expenses and intentionally made incorrect entries over a span of three years.
Tony Spring, Macy's chairman and CEO, emphasized the company's commitment to ethical conduct while assuring efforts to conclude the investigation expediently.
Despite the fraudulent activities, Macy's clarified that payments to vendors remained unaffected and reiterated the employee was the sole individual involved.
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