Thread regarding Macy's Inc. layoffs

A Macys executive spent company money at strip bars.

This is what happens when you have a culture of continued layoffs resulting in more and more responsibilities falling onto fewer and fewer people. The systemic checks and balances that Macy's used to have in place no longer exist, resulting in a single employees being able to falsify critical business records without anyone noticing for three years.

These type of situations are occurring to different degrees across the organization as the company has drastically reduced auditing staff and most reporting designed catch these types of issues is not pencil whipped by people who barley understand the processes and standards they are supposed to be overseeing.

This company can't save it's way to success, future sales growth is the only solution, one that sadly isn't forthcoming.

I think this is a long term “cooking the books” scenario. Possibly the old boys club of ceo Jeff & team…we can probably thank the new outsiders entering the inside club for the disclosure. This does not help the agenda Arkhouse had in mind for Macys. Thank you Arkhouse!

The poor soul was probably trying to keep their job! Very sad! The pressure from above to meet planned finance goals is excruciating.

Surely, more than one person was involved. Probably in more financial areas then were reported to
The press. Time will tell as the investigation proceeds.

$154M is a lot of money, but a small % to a $4.6 B organization. The bigger concern is the faulty accounting audits over this period of time.

$154 million missing, and they over here paying us nickels for raises.

Amazing that this could happen especially with a staggering dollar amount as the one reported. How in the world did they not notice this? Every expense I submitted was scrutinized at MTech before approval albeit much smaller. Really bad look Macys get your act together

$154 million embezzlement

I need to read the article in full, but I heard about this briefly on NPR today and they said the employee is "no longer with the company". I am not sure if this person left prior to this discovery or if they were terminated because of it. These "errors" date back to 2021, I think. Good luck, Tony!

LOL!!!! Well that’s a start to holding people accountable!! As they “promote a culture of ethical conduct,” are they going to investigate all the other coverup to make the company look profitable? Fudging sales to make goals, fudging workload to make the store manager look good, fudging customer surveys to increase NPS?!? Asking for a friend….