In late 2024, retail giant Macy’s revealed a shocking accounting scandal involving its parcel delivery expenses. It said a single employee had managed to hide approximately $151 million in delivery costs over nearly three years, causing significant disruption to the company’s financial reporting and raising questions about its internal controls.
The discovery
Macy’s uncovered the issue during the preparation of its financial statements for the third quarter of 2024. The company immediately...
Department store retailer Macy’s, Inc., (NYSE: M) stated on Monday that an employee hid up to $154 million through intentional accounting errors since 2021.
In its preliminary third quarter 2024 results, the company reported it recently identified an issue related to delivery expenses on one of its accrual accounts. After starting an independent investigation and forensic analysis, the company identified one employee who was responsible for small package delivery expense accounting accrual...
Macy’s may be the standard-bearer when it comes to department stores, but it has not been immune to consumer changes, and that includes a push to omnichannel retail.
To help facilitate that change, the company announced on its third-quarter earnings call that it has opened 35 mini-distribution centers inside existing stores.
“These semiautomated, mini-DCs totaling nearly 1 million square feet allow us to reduce shipping costs and split shipments, better utilize inventory in specific markets and...
https://www.freightwaves.com/news/macys-is-opening-e-commerce-distribution-centers-inside-stores
Going against the wishes of investors is always risky. Doing so and failing can tank investors’ faith in a company and cut off crucial funding, but sometimes, it can be the difference between growth and stagnation.
Macy’s (NYSE: M) is making that gamble. Last week, the evergreen department store, which has managed to stay in business for over a century and a half, elected not to spin off its e-commerce operation from its core brick-and-mortar business, despite pressure from one of its new...
https://www.freightwaves.com/news/should-department-stores-spin-off-e-commerce-from-brick-and-mortar
The long-rumored Amazon move into malls could be coming soon, according to a new report. The Wall Street Journal, citing “people familiar with the matter,” reported on Thursday that Amazon plans to open several retail locations in Ohio and California.
The article said the locations would be about 30,000 square feet, which is a little less than one-third the size of a traditional department store and akin to a current Best Buy location.
According to the newspaper, sources said, “It is unclear what...
https://www.freightwaves.com/news/amazon-now-wants-to-reinvent-the-in-store-shopping-experience
This is an excerpt from Monday’s (6/7) Point of Sale retail supply chain newsletter sponsored by ArcBest.
Off-price retailers typically weather economic downturns with relative ease. In good economies, loyal shoppers of off-pricers like T.J. Maxx, Ross Stores and Burlington have the wherewithal to visit more often in search of hidden gems; in weak times, shoppers flock to the low prices. The same applies to the supply chain. When times are poor, a glut of unsold merchandise from department...
The Make-A-Wish Foundation is partnering with Macy’s (NYSE:M) and UPS (NYSE:UPS) to make a young boy’s wish to be a delivery person come true.
Mateo, 6, was diagnosed with leukemia in 2017. After going through years of chemotherapy, he is now responding to treatment and currently does in-home physical therapy.
The young boy developed his love for delivery drivers after being stuck at home during the global pandemic. His wish to become a delivery driver was inspired after watching them deliver...
https://s29755.pcdn.co/news/make-a-wish-partners-with-ups-macys-to-grant-boys-wish
Every FreightWaves article is designed to help our readers become the most informed professionals in the transportation and logistics industry. These articles may have flown under your radar this week, but we consider them essential reading:
Talk of Amazon deals heated up this week, with rumors of the e-commerce giant looking at acquiring one of several department store chains, along with several large real estate deals, before ending the with week announcing the acquisition of self-driving...
https://s29755.pcdn.co/news/weekend-wrapup-amazon-deals-emergency-air-cargo-and-vaccines
Amazon (NASDAQ: AMZN) appears to have had a busy week on the real estate front as it has been tied to several large transactions.
Amazon spending spree?
On June 23, Business Insider reported that the company had signed a deal in New York City to lease its biggest facility ever. The one million square foot, multi-story facility will replace a currently vacant paper factory in Queens. The report also said Amazon was negotiating a lease on a 620,000-square foot facility that is under construction in...
https://s29755.pcdn.co/news/amazons-real-estate-arm-reportedly-involved-in-several-deals-this-week
Sitting on approximately $27 billion in cash and enjoying robust economic growth during the COVID-19 pandemic — with second-quarter sales expected to grow more than 27% — Amazon (NASDAQ: AMZN) is rumored to be on the acquisition hunt. One often mentioned target is iconic retailer Macy’s (NYSE: M). Another is J.C. Penney (OTC: JCP).
Both have faced their share of struggles in recent years as more consumers shift to online buying, and with the pandemic shutting large portions of the economy,...
https://s29755.pcdn.co/news/is-amazon-on-the-hunt-analyzing-rumored-macys-j-c-penney-acquisitions