It was just one employee (click here)!!!!
KPMG audits Macy's ... so are we to believe that Macy's Finance Team / CFO didn't see errors totaling more than a hundred million dollars over multiple years and KPMG didn't see it either? Sure, they may have missed it ... at which point (if true) you should change your line of questioning to be "what value does KPMG actually provide?"
The Reddit accounting message boards find it implausible that this was the act of a lone gunman. It seems unfathomable that Management didn't know about this. Side Story: In the early 1990s at Lands' End, our owner held a Management Meeting to communicate quarterly results, then promptly (and very publicly) scolded the Finance Team for exchange rate issues regarding our business in Japan. Management knows, folks. Management knows.
In July 2015 Macy's stock traded for $72 as they celebrated their status as "America's Omnichannel Store". It trades for around $16 today.
Retail trade journalists adore Macy's ... they almost act as an affiliate-PR department for the brand. They're promoting the "one-employee" thesis today. "Mistakes were made!!"
They sure were.
There's just a lot of slippery, corrupt behavior out there. Be on the good side of the financial ledger, ok?
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