Target (TGT) is taking action in response to retail theft.
On Tuesday the big box retailer announced plans to close nine stores, effective Oct. 21.
“We cannot continue operating these stores because theft and organized retail crime are threatening the safety of our team and guests, and contributing to unsustainable business performance,” the company said in a statement.
The stores set to close include one in Harlem, N.Y; two in Seattle, Wash.; three near San Francisco and Oakland, Calif.; and three in Portland, Ore. All ”eligible” employees will be offered the opportunity to transfer to other Target locations, the company said.
Target closes a store entrance in Shoreview, Minn., in 2020. (Michael Siluk/Education Images/Universal Images Group via Getty Images)
The decision to close stores came after the company reported that inventory shrinkage — mostly the theft of merchandise — would cut profits by $500 million this year. In 2022, profits took a $700 million hit from inventory…
2023-09-26 14:06:23
Link from finance.yahoo.com