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Bloomberg Businessweek
Macy’s Delays Earnings After Worker Hid Millions in Expenses
Nov 25, 2024
Aaron Kennon, Co-founder and CEO of Clear Harbor Asset Management, discusses the ripple effects of Macy's financial mismanagement on market trends. Meridith Dennes, Managing Partner at Prospect Rock Partners, provides insights into hiring practices and bonuses on Wall Street amidst shifting dynamics. Jim Smigiel, Chief Investment Officer at SEI, explores the implications of federal spending cuts and recent political changes on investment strategies. Together, they analyze how market fluctuations and consumer behaviors evolve during this pivotal retail season.
36:22
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Quick takeaways
- Macy's is facing significant financial challenges due to the investigation of over $100 million in hidden expenses, impacting its stock and oversight concerns.
- The company is shifting towards smaller store formats under 'The First 50' initiative, responding to changing consumer preferences and showcasing encouraging sales growth.
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