Dream Wired
No Result
View All Result
  • Home
  • Celebrity
  • DramaAlert
  • Gossip
  • Movie
  • TV
  • Music
  • Comics
  • Shop
  • Home
  • Celebrity
  • DramaAlert
  • Gossip
  • Movie
  • TV
  • Music
  • Comics
  • Shop
No Result
View All Result
Dream Wired
No Result
View All Result
Home Gossip

Inside the Financial Scandal – Hollywood Life

rmtsa by rmtsa
November 27, 2024
in Gossip
0
Inside the Financial Scandal – Hollywood Life
74
SHARES
1.2k
VIEWS
Share on FacebookShare on Twitter


You might also like

Ex Keke Palmer Co-Star Says Her Mom Was ‘Financially Abusive’

Camp Mystic Grieves Campers, Counselors Killed In Texas Floods

Mel B Ties The Knot, Wears Dress Designed By Fellow Spice Girl

Macy's Employee Million-Dollar Expenses: Go Inside the Financial Scandal
Image Credit: Getty Images

Macy’s is gearing up for its biggest season of the year – 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’s. As a result, the company delayed its earnings report for Q3 until December 11 “to allow for completion of the independent investigation.”

According to CNN, Macy’s reported that the former staff member “intentionally made erroneous accounting accrual entries” while hiding small package delivery expenses.

Learn more about the financial scandal, below.

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

Read more: pic.twitter.com/XRj8H0EN8f

— ABC News (@ABC) November 25, 2024

What Happened at Macy’s?

Macy’s revealed that its former employee — whose name has not been publicly disclosed — was responsible for countless accounting mistakes. As a result, the company had to delay its quarterly earnings report.

How Did the Macy’s Employee Hide the Expenses?

The unnamed ex-employee “intentionally” put incorrect accounting entries while hiding millions of dollars worth of small package deliveries, Macy’s announced. This took place over the course of three years – since at least 2021.

“At Macy’s, Inc., we promote a culture of ethical conduct,” Macy’s CEO Tony Spring explained in a statement. “While 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.”

How Much Money Did the Macy’s Employee Steal?

The unidentified employee hid around $154 million worth of expenses from Macy’s, according to CNN. The total number of hidden expenses was a small amount compared to the company’s total value in deliveries: $4 billion.

Macy’s further noted that there was “no indication that the erroneous accounting accrual entries had any impact on the company’s cash management activities or vendor payments.”





Source link

Tags: financialHollywoodLifeScandal
Share30Tweet19
rmtsa

rmtsa

Recommended For You

Ex Keke Palmer Co-Star Says Her Mom Was ‘Financially Abusive’

by rmtsa
July 7, 2025
0
Ex Keke Palmer Co-Star Says Her Mom Was ‘Financially Abusive’

Ashley Argota, who starred in the Nickelodeon show "True Jackson VP" alongside Keke Palmer, recently revealed her time as a child star was anything but glamorous.In a new...

Read more

Camp Mystic Grieves Campers, Counselors Killed In Texas Floods

by rmtsa
July 7, 2025
0
Camp Mystic Grieves Campers, Counselors Killed In Texas Floods

Rescue crews are still looking for victims after rainfall caused deadly floods in Texas over the July Fourth weekend. According to the Associated Press, about 90 people passed...

Read more

Mel B Ties The Knot, Wears Dress Designed By Fellow Spice Girl

by rmtsa
July 7, 2025
0
Mel B Ties The Knot, Wears Dress Designed By Fellow Spice Girl

Source: Neil Mockford / Getty Melanie “Mel B” Brown aka Scary Spice has made things official with her partner, Rory McPhee, after six years of dating. And she...

Read more

What Happened to Cierra in ‘Love Island USA’ Season 7? Find Out – Hollywood Life

by rmtsa
July 7, 2025
0
What Happened to Cierra in ‘Love Island USA’ Season 7? Find Out – Hollywood Life

Image Credit: Ben Symons/Peacock Cierra Ortega became the second female Love Island USA season 7 contestant to get abruptly removed from the Villa. The reality TV star and...

Read more

The ‘Cowboy Carter’ Tour Is Everything And More From Beyoncé

by rmtsa
July 7, 2025
0
The ‘Cowboy Carter’ Tour Is Everything And More From Beyoncé

After months of online chatter and news about record-breaking attendance and ticket sales, I finally got to see Beyoncé up close and personal for her blockbuster "Cowboy Carter"...

Read more
Next Post
‘Nosferatu’ Popcorn Sarcophagus Revealed By Regal Cinemas

'Nosferatu' Popcorn Sarcophagus Revealed By Regal Cinemas

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Browse by Category

  • Celebrity
  • Comics
  • DramaAlert
  • Gossip
  • Movie
  • Music
  • TV
  • Uncategorized

CATEGORIES

  • Celebrity
  • Comics
  • DramaAlert
  • Gossip
  • Movie
  • Music
  • TV
  • Uncategorized
No Result
View All Result

Recent News

  • Denise Richards Claimed She’d Never Divorce Again
  • Czech Drama About Music and Sexual Abuse
  • Forrest Gump Cast: Where Are They Now? Tom Hanks, Sally Field, More

Copyright © 2023 DramaWired.
DramaWired is a content aggregator and not responsible for the content of external sites.

No Result
View All Result
  • Home
  • Celebrity
  • DramaAlert
  • Gossip
  • Movie
  • TV
  • Music
  • Comics
  • Shop

Copyright © 2023 DramaWired.
DramaWired is a content aggregator and not responsible for the content of external sites.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In