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flag Macy's fired an employee for hiding $150M in expenses, leading to a stock drop and store closures.

flag Macy's completed an investigation into an employee who hid over $150 million in delivery expenses over nearly three years. flag The employee falsified records to cover up an initial accounting mistake, without personal gain. flag Macy's terminated the employee and implemented stricter controls. flag This led to a 11% drop in the company's shares and a delay in the third-quarter earnings report. flag Macy's also plans to close around 150 stores by 2027.

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