Macy's on Wednesday said it has concluded an investigation into an employee who intentionally hid about $151 million of delivery expenses. In a statement, CEO Tony Spring said the retailer is "strengthening our existing controls and implementing additional changes designed to prevent this from happening again and demonstrate our strong commitment to corporate governance.

NEW YORK (AP) — 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.

Macy's is claiming a lack of serious impact after an independent investigation determined that an employee had hid $151 million in delivery expenses.

Macy’s finally released its third-quarter earnings on Wednesday after having to delay it due to a massive accounting scandal caused by one employee. The employee, who no longer works for Macy’s made one mistake that led to years of coverup.

Macy's CEO Tony Spring provided a fresh update on the rogue employee who hid $151 million in delivery expenses since 2021 and disclosed the individual is no longer with the company.

A rogue employee was responsible for hiding $151 million in delivery expenses over the course of nearly three years, Macy's said Wednesday.