Macy’s employee responsible for a $151 million accounting scandal made one mistake that snowballed into intentional coverup

Stressed man sitting at desk (Credit: Getty Images—VioletaStoimenova)

• Macy’s finally released its third-quarter earnings on Wednesday after having to delay it due to a massive accounting scandal caused by one employee. The employee, who no longer works for Macy’s made one mistake that led to years of coverup.

We’re right in the middle of the holiday season, and Macy’s is making news—not just for its Thanksgiving Day parade and Black Friday sales—but for finally closing the book on a massive accounting error. On Wednesday, Macy’s announced it had just completed an investigation into a $151 million accounting error, and pinned it on a single employee.