Macy’s uncovers accounting scandal after employee hid US$154m in expenses since 2021, delays Q3 results

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NEW YORK, Nov 26 — Macy’s disclosed yesterday that an employee had hidden up to US$154 million (RM687 million) in expens...

Macy’s “deserves credit” for steps to refresh the brand, “however, the new strategy is akin to turning around an oil tanker,” Saunders said.“It is not something that can be done quickly, or rushed.

Macy’s did not immediately respond to questions from AFP about the matter, including whether it had been referred to law enforcement.

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Article Details

Category: EconomyBusiness

Markets: Malaysia

Topics: Fraud Expenses Macys Accounting

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-11-26 @ 09:57:48 (5 days ago)

News Timezone: GMT +8:00

News Source URL: malaymail.com

Language: English

Article Length: 386 words

Reading Time: 3 minutes read

Sentences: 14 lines

Sentence Length: 28 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © Malay Mail

News ID: 23989459

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