Macy's reported weaker-than-expected sales for the third quarter, attributed to an employee's deliberate hiding of expenses, leading to a delay in full quarterly results.
An independent investigation revealed that one employee intentionally altered accounting entries, hiding between $132 million and $154 million of delivery expenses.
Despite these issues, Macy's emphasized that cash management and vendor payments remained unaffected and stated the unethical employee is no longer with the company.
Chairman and CEO Tony Spring reiterated the company's commitment to ethical conduct while focusing on customer service and the upcoming holiday season amid the investigation.
Collection
[
|
...
]