Month: November 2024

Iconic retailer Macy’s announced Monday that it would delay its full third-quarter earnings report because of an employee hiding up to $154 million in expenses, which sent its stock plummeting in early trading.  At midday Monday, Macy’s stock was trading at $15.68 a share, down 3.8% — it had traded as high as $22.10 within the last year.

The department store chain was expected to report quarterly results on Tuesday; however, the retailer said that it had identified an issue related to delivery expenses in one of its accrual accounts earlier this month. The did release preliminary third-quarter results, adding that the full report, along with the fourth quarter and full-year guidance, will be unveiled by Dec. 11.

An independent investigation and forensic analysis found that a single unnamed employee, with responsibility for small package delivery expense accounting, intentionally made erroneous accounting accrual entries to hide roughly $132 million to $154 million of expenses from the fourth quarter of 2021 through the fiscal quarter ended November 2. Macy’s did not to explain why the employee, who is no longer with the company, hid the expenses.

Tony Spring, chair and CEO of Macy’s, said in a statement: “We delivered third-quarter sales in line with expectations as we continued to make traction on our Bold New Chapter strategy initiatives. Our Macy’s First 50 locations achieved their third consecutive quarter of comparable sales growth. At the same time … Bloomingdale’s and Bluemercury, reported positive comparable sales. Importantly, November comparable sales are trending ahead of third-quarter levels across nameplates.”

Macy’s said it its preliminary report of its first 50 locations, comparable sales growth was up 1.9%. It said asset sale gains of $66 million were ahead of expectations, and that luxury brand Bluemercury reported comparable sales growth of 3.3%.

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Special counsel Jack Smith has filed motions to drop all federal charges against President-elect Donald Trump regarding his mishandling of classified documents and his effort to overturn his 2020 presidential election, leading up to the Jan. 6 attack on the U.S Capitol.

Trump was first indicted in June 2023 in a federal court in Miami on 37 felony counts related to mishandling classified documents that he took from the White House to his Florida home. A Florida judge dismissed the case, but Smith’s office had sought an appeal. Trump was separately indicted on four felonies in August 2023 for his attempt to reverse the 2020 election results: conspiracy to defraud the United States, conspiracy to obstruct an official proceeding, obstruction of and attempt to obstruct an official proceeding and conspiracy against rights.

In newly filed court documents, Smith asked a federal district court in Washington on Monday to dismiss the charges against Trump. Federal prosecutors told U.S. District Judge Tanya Chutkan that they are seeking to close Trump’s case because Justice Department policy forbids the prosecution of a sitting president. The special counsel is seeking to dismiss the case without prejudice, meaning prosecutors could decide to charge Trump again after he leaves office in January 2029.

Smith wrote: “After careful consideration, the department has determined that [the Office of Legal Counsel’s] prior opinions concerning the Constitution’s prohibition on federal indictment and prosecution of a sitting president apply to this situation and that as a result this prosecution must be dismissed before the defendant is inaugurated. That prohibition is categorical and does not turn on the gravity of the crimes charged, the strength of the government’s proof, or the merits of the prosecution, which the government stands fully behind.”

The special counsel noted the historic nature of Trump’s prosecution and subsequent election to the presidency, writing that the “department and the country have never faced the circumstance here, where a federal indictment against a private citizen has been returned by a grand jury and a criminal prosecution is already underway when the defendant is elected president.”  After consultation with the Justice Department’s Office of Legal Counsel, Smith said “the department’s position is that the Constitution requires that this case be dismissed before the defendant is inaugurated.”

In his six-page motion, Smith said that he conferred with Trump’s lawyers, and they do not object to the request to drop the case. Steven Cheung, Trump’s spokesman, said in a statement: “The American people re-elected President Trump with an overwhelming mandate to make America great again. Today’s decision by the DOJ ends the unconstitutional federal cases against President Trump and is a major victory for the rule of law. The American people and President Trump want an immediate end to the political weaponization of our justice system and we look forward to uniting our country.”

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A Civil Air Patrol plane crash Saturday morning in Colorado left two people dead and a third “severely injured,” according to authorities. The Civil Air Patrol confirmed that the occupants of the Cessna 182 were participating in a search and rescue training exercise when the plane went down in a wooded area of Larimer County.  The Civil Air Patrol is the official civilian auxiliary of the Air Force.

The Larimer County Sheriff’s Office said in a statement Saturday night that the crash on Storm Mountain, about 80 miles north of Denver, was reported shortly after 11 a.m.  Responding deputies found all three people who were on board, with two later confirmed dead.

Colorado Gov. Jared Polis identified the deceased as pilot Susan Wolber and aerial photographer Jay Rhoten. The person who was injured was identified as the co-pilot.  According to Polis, the Colorado Army National Guard airlifted the co-pilot to a medical facility for care, which the Larimer County Sheriff’s Office describing the survivor’s injuries as “severe.”  Polis said of those on board that they “wanted to help make Colorado a better, safer place for all. The State of Colorado is grateful for their commitment to service and it will not be forgotten.”

Maj. Gen. Regena Aye, national commander of Civil Air Patrol, said in a statement: “Our deepest sympathies go out to the families, members, and friends affected by this tragic event. Our members serve because they care about America’s communities. Our people are our most important resource, and we are committed to ensuring their safety and security. Civil Air Patrol will cooperate fully with the National Transportation Safety Board in the investigation to learn more about the factors that contributed. We are grateful for the outpouring of support from our members, communities, and partners, who have expressed support during this difficult time.”

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Authorities in New Hampshire have charged two Dartmouth College fraternity members in the death of 20-year-old student Won Jang. Per ABC News, Jang, 20, was found dead by the Connecticut River on the school’s New Hampshire campus in July.

The Hanover Police Department said in news release that two members of the Beta Alpha Omega fraternity, identified as Matthew Catrambone and Samuel Terry, were each charged with a misdemeanor for providing alcohol to a person under 21 during a party on July 6. Dartmouth’s Alpha Phi sorority also has been charged as a corporation for facilitating an underage alcohol party.

Jang — who was a member of Beta Alpha Omega — had attended an off-campus party organized by the sorority, where he was given alcohol by the fraternity members. Most of the attendees at the party were under the age of 21 and consuming alcoholic beverages.  According to the Hanover Police Department, towards the end of the party, several attendees “made a spontaneous decision to swim in the river,” where Dartmouth has docks for students. A heavy rainstorm hit the area, and Jang – who could not swim – was left behind.  His body was recovered in the river by a search and rescue team on July 7.  Following an autopsy, the New Hampshire Chief Medical Examiner’s Office determined that Jang’s cause of death was drowning, with a oxicology report later finding that he had a blood alcohol level of 0.167 at the time of his death.

Dartmouth College said in a statement: “The entire Dartmouth community is grieving over the tragic loss of Won Jang. Our counseling team has been by the family’s side since yesterday, and Dartmouth is providing every possible support it can to Won’s parents, family and friends.”

A Dartmouth spokesperson added in a statement that the college’s Greek organizations have “a responsibility to keep its members and other students safe. Dartmouth has long valued the contributions that Greek organizations bring to the student experience, when they are operating within their stated values and standards. These organizations, as well as all Dartmouth students and community members, have a responsibility to ensure Dartmouth remains a safe, respectful, equitable and inclusive community for students, faculty and staff. Following the tragic loss of Won Jang during the summer, Dartmouth immediately suspended both Alpha Phi and Beta Alpha Omega, and an internal investigation was initiated. These suspensions remain in effect pending the results of Dartmouth’s internal investigation and conduct process, which is still ongoing.”

The college added that it would be increasing security presence near its swimming docks as well as more lighting and signage for swimmers.

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