Macy’s delayed its quarterly earnings report due to a single former employee’s intentional concealment of approximately $154 million in expenses over three years. This employee, who is no longer with the company, made erroneous accounting entries to hide small package delivery costs. While the concealed expenses were a small percentage of total delivery expenses, the errors necessitated a forensic accounting investigation and delayed the earnings report until December 11. Despite this, Macy’s maintains that the issue did not affect cash management or vendor payments.
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The recent accusations against Macy’s involving the alleged cover-up of a sexual assault by music mogul Diddy in order to protect a major deal is nothing short of disturbing. The lawsuit filed by “John Doe” in Ohio, claiming that Combs allegedly orally raped a man working in Macy’s flagship store in New York back in 2008, is a glaring example of profit being prioritized over people’s safety and well-being.
The details of this case paint a dark picture of corporate greed and the lengths some companies are willing to go to protect their bottom line. The fact that Macy’s allegedly encouraged the victim’s employer to fire him after he raised complaints and was subsequently banned from the store is a clear indication of their priorities being in the wrong place.… Continue reading
has so much attention to me. It was almost uncomfortable how much she was hovering around me trying to sell me different products. Macy’s really needs to focus on providing a better shopping experience rather than bombarding customers with pushy sales tactics.
The shift towards a more luxury business model makes sense for Macy’s, considering the decline of middle-class shopping preferences and the rise of online shopping. However, it will be a daunting task for Macy’s to change the perception of their brand from cheap and unappealing to luxurious and high-quality. With the closure of 150 unproductive namesake stores, Macy’s is making a bold move to revamp their image and cater to a more affluent demographic.… Continue reading
John Q. Hosedrinker