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.

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

Retail giant Macy's said on Wednesday said it concluded an independent investigation into an employee who purposely hid $151 million in delivery expenses over nearly three years, forcing it to revise