Macy’s found a single employee hid up to $154 million worth of expenses
Posted: Nov 26, 2024
- Macy's delays quarterly earnings report due to employee hiding up to $154 million in expenses
- Employee intentionally hid expenses over nearly three years
- Macy's conducting independent forensic accounting investigation
- Investigation points to one former employee only
- Macy's CEO Tony Spring emphasizes ethical conduct culture
- Macy's stock down nearly 20% this year due to accounting issues
- Macy's preliminary earnings report shows sales slipped 2.4% to $4.7 billion
- Macy's identified stores to close as part of turnaround plan
- Macy's rejected talks with private investors and pursuing own strategy
- Macy's stock fell nearly 3% at the open
- Bloomingdale's and Bluemercury sales fared better than Macy's
What do people on Reddit think?
🚨 Reddit sentiment: negative - Most of the comments express skepticism and concern about Macy's internal controls and financial reporting, suggesting negative sentiment towards the company's handling of the situation and skepticism about the true extent of the issue. Summarized comments: - Many users are skeptical about the claim that a single employee was responsible, suggesting it might be a cover-up or scapegoat scenario - Concerns are raised about Macy’s accounting and ERP systems' competency and the responsibility of the CFO - Users question how such a significant expense could be hidden without impacting other financial aspects, such as cash management or vendor payments - There is surprise that auditors, particularly Deloitte, did not identify these issues earlier - The discussion includes potential long-term inefficiencies in financial checks and balances and how financial statements may have been misstated for years due to this oversight
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