What’s happening with Macy’s? Stock down, earnings and sales data delayed, employee accused of fraudulent accounting

The department store chain said on Monday that it is investigating an employee who allegedly concealed tens of millions of dollars in expenses. Here’s what to know.

Macy’s is grappling with the fallout from an internal investigation into an employee who allegedly concealed $132 million to $154 million in expenses over several years. The individual, tasked with managing small-package delivery expense accounting, made fraudulent accounting entries that masked the discrepancies, the retail chain said in a press release Monday.