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New York, United States — Macy’s disclosed Monday that an employee had hidden up to $154 million in expenses through false accounting entries over more than three years.
The department store chain, which is set to host its annual Thanksgiving Day parade later this week in Manhattan, delayed a full release of third-quarter results in light of the revelation.
Following an independent investigation and forensic analysis, Macy’s “identified that a single employee with responsibility for small package delivery expense accounting intentionally made erroneous accounting accrual entries to hide approximately $132 to $154 million of cumulative delivery expenses from the fourth quarter of 2021 through fiscal quarter ended November 2, 2024,” Macy’s said in a news release.
Macy’s said there is no evidence the erroneous entries affected vendor payments or the company’s cash position.
