Macy’s found a single employee hid up to $154 million worth of expenses

Question

According to CNN Business, it is claimed that Macy's "recently discovered that the unnamed employee intentionally hid as much as $154 million in expenses over the course of nearly three years."

Comments

CNN is a good and credible source to use. I would recommend using another source to help build the validity of your argument and get another perspective on the issue.

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Various sources have reported that this is true. The amount of concealed money is substantial and occurred between 2021 and 2024, as verified by numerous sources.

Answer 1

CNN is a really good source to get your claim from. I can’t believe that someone would hide that much worth of items and the store owners not knowing till now.

https://www.nbcnews.com/business/business-news/macys-says-employee-hid-154-million-2021-rcna181602 

Comments

Hi, I agree CNN is a great source since it's very reliable. I would recommend adding more detail on your claim you found in NBC, and an analysis to build the credibility of this statement. Overall, great find on NBC since it relates and shows transparency of the situation to creating a true statement.

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It is not just CNN.  ABC News, People magazine, and the BBC have all confirmed this story. It took place from a single employee between 2021 and 2024.

Answer 2

CNN is seen as a credible news source, and this article is fascinating in how one employee caused expenses to be overstated by $154M which has a small effect on net income. I searched up the exact title of this claim, and found it on many credible sources such as Yahoo Finance, New York Times, and NBC News. This builds upon the credibility since it's seen on multiple news networks. I found this quote on CNN and Yahoo Finance where it claims "intentionally made erroneous accounting accrual entries" this same claim is seen on all the other news networks. Seeing this connect and issue the same message concludes that this is a true statement. 

https://finance.yahoo.com/news/macys-says-employee-hid-154-130405069.html

https://www.nbcnews.com/business/business-news/macys-says-employee-hid-154-million-2021-rcna181602

https://www.nytimes.com/2024/11/25/business/macys-earnings-delay-accounting-error.html

Answer 3

After copying and pasting the title of the CNN article into my search bar, articles from numerous other reputable news outlets came up covering the same topic, highlighting the same information, which built its credibility. News outlets such as NBC News, NPR, the New York Times, and ABC News all reported on this event. After looking into the author of the CNN article, Jordan Villinsky is a qualified reporter with a lot of professional experience and a degree in online journalism. This increases his credibility as he has a professional reputation to uphold and regulations to follow, including honest journalism. The article was extremely detailed about the event and the information that Macy’s chose to share, including how much money was hidden, the profession of the employee responsible, how they discovered the fraud and the consequences. CNN published a detailed account that portrayed a comprehensive story for viewers based on collected information from Macy’s officials. To solidify my fact-check, I wanted to look into Macy’s financial reports, but as the article claimed, their quarterly report has been delayed as a result of the incident. Overall, the credible origins and supported details lead me to call this claim true. 

Macy's says employee hid up to $154 million since 2021

Macy’s says an employee hid as much as $154 million in expenses : NPR

Macy’s says employee hid up to $154 million in expenses, delaying Q3 earnings - ABC News

Macy’s found a single employee hid up to $154 million worth of expenses | CNN Business