Macy's catalog advertises $1,400 discount

Company cancels orders after discovering error

Published On: Apr 01 2013 09:43:22 AM EDT   Updated On: Apr 03 2013 06:01:49 AM EDT

Macy's is canceling orders for a "diamond-accented cable necklace" after mistakenly advertising it for $1,400 off the regular price.

The department store released a catalog in late March featuring a "super buy" discount on the diamond-accented necklace in sterling silver and 14-karat gold.

The normal price for the necklace is $1,500. The catalog advertised it for only $47 -- more than $1,450 off the retail price.

Customers flocked to stores to take advantage of the extraordinary discount, with many people buying the necklace in bulk.

However, the $47 price was a misprint. The actual discounted price was supposed to be $479.

After realizing the costly mistake, Macy's contacted customers who had ordered the necklace and informed them the orders would be canceled due to the error.

Customers who already obtained the physical necklace were allowed to keep it at the unheard of discount.