Macy's has been forced to delay the release of its quarterly financials as they discovered a $154 million case of embezzlement.
A single employee set up a scheme around "small package delivery" that involved stealing 154 million dollars from Macy's. The thievery is reported to have occurred over three years, and naturally, the employee is no longer with the firm. Macy's is scrambling to correct its financials.
Macy's said it had found the accounting error while preparing its results for the quarter, which ended Nov. 2. The results had been set to be released on Tuesday. An investigation was opened and the employee was no longer with the company, Macy's said. The investigation has not identified involvement by any other employee.
In the same time period of the accounting issue in which the employee hid up to $154 million, the retailer said it had incurred about $4.36 billion of delivery expenses. Macy's declined to comment further.
New York Times
I had hoped the employee stole a parade balloon and paid staff to drag it around their kid's birthday party, but this scheme is ok.
Previously:
• Chicago school official busted for embezzling $1.5 million in chicken wings
