{"id":265347,"date":"2024-11-26T17:29:21","date_gmt":"2024-11-26T17:29:21","guid":{"rendered":"https:\/\/michigandigitalnews.com\/index.php\/2024\/11\/26\/inside-the-financial-scandal-hollywood-life\/"},"modified":"2025-06-25T17:10:21","modified_gmt":"2025-06-25T17:10:21","slug":"inside-the-financial-scandal-hollywood-life","status":"publish","type":"post","link":"https:\/\/michigandigitalnews.com\/index.php\/2024\/11\/26\/inside-the-financial-scandal-hollywood-life\/","title":{"rendered":"Inside the Financial Scandal \u2013 Hollywood Life"},"content":{"rendered":"

[ad_1]
\n<\/p>\n

\n
\n
\n\t\t\t\t\t\t\t\"Macy's\t\t\t\t\t\t<\/div>
Image Credit: Getty Images<\/figcaption><\/figure>\n

<\/p>\n

Macy\u2019s is gearing up for its biggest season of the year \u2013 holiday season. And with just days before its annual Thanksgiving Day Parade, it was revealed that a former employee of the department store chain withheld millions of dollars worth of expenses while working for Macy\u2019s. As a result, the company delayed its earnings report for Q3 until December 11 \u201cto allow for completion of the independent investigation.\u201d<\/p>\n

According to CNN<\/a>, Macy\u2019s reported that the former staff member \u201cintentionally made erroneous accounting accrual entries\u201d while hiding small package delivery expenses.<\/p>\n

Learn more about the financial scandal, below.<\/p>\n

\n

Macy\u2019s reported stronger-than-expected sales for the third quarter and said it\u2019s delaying the release of its full quarterly results after it discovered an employee intentionally hid up to $154 million of expenses over several years.<\/p>\n

Read more: https:\/\/t.co\/meJePSU6fC<\/a> pic.twitter.com\/XRj8H0EN8f<\/a><\/p>\n

\u2014 ABC News (@ABC) November 25, 2024<\/a><\/p>\n<\/blockquote>\n

What Happened at Macy\u2019s?<\/h2>\n

Macy\u2019s revealed that its former employee \u2014 whose name has not been publicly disclosed \u2014 was responsible for countless accounting mistakes. As a result, the company had to delay its quarterly earnings report.<\/p>\n

How Did the Macy\u2019s Employee Hide the Expenses?<\/h2>\n

The unnamed ex-employee \u201cintentionally\u201d put incorrect accounting entries while hiding millions of dollars worth of small package deliveries, Macy\u2019s announced. This took place over the course of three years \u2013 since at least 2021.<\/p>\n

\u201cAt Macy\u2019s, Inc., we promote a culture of ethical conduct,\u201d Macy\u2019s CEO Tony Spring explained in a statement. \u201cWhile we work diligently to complete the investigation as soon as practicable and ensure this matter is handled appropriately, our colleagues across the company are focused on serving our customers and executing our strategy for a successful holiday season.\u201d<\/p>\n

How Much Money Did the Macy\u2019s Employee Steal?<\/h2>\n

The unidentified employee hid around $154 million worth of expenses from Macy\u2019s, according to CNN. The total number of hidden expenses was a small amount compared to the company\u2019s total value in deliveries: $4 billion.<\/p>\n

Macy\u2019s further noted that there was \u201cno indication that the erroneous accounting accrual entries had any impact on the company\u2019s cash management activities or vendor payments.\u201d<\/p>\n

\n\t\t<\/div>\n