Macy’s Tightens Financial Controls After Employee Covered up What Became a $151 Million Mistake

Black Friday shoppers at the Walden Galleria's Macy's in Buffalo, NY., on Nov. 29, 2024. Gene J. Puskar/AP Photo

NEW YORK—Macy’s said Wednesday that it has tightened internal financial accounting measures after completing a probe of a rogue employee who hid $151 million in delivery expenses over a span of nearly three years.

A probe into the coverup forced Macy’s to postpone the release of its full third-quarter earnings report late last month.