Macy’s says employee hid more than $132mn in delivery expenses

Macy’s has delayed the release of quarterly results after discovering an employee hid $132mn of delivery expenses over three years. The retailer, led by CEO Tony Spring, plans to close underperforming stores while investing in others. Shares fell 2.2% as Macy’s investigates the incident and releases preliminary results showing a 2.4% decline in net sales.

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