TARGET SAYS IT WILL BE CLOSING NINE STORES IN MAJOR CITIES NEXT MONTH BECAUSE OF “THEFT AND ORGANIZED RETAIL CRIME.”
THE COMPANY SAYS THE WAVE OF SHOPLIFTING IS THREATENING THE SAFETY OF ITS WORKERS AND SHOPPERS.
STORES ARE CLOSING IN NEW YORK CITY, SEATTLE, SAN FRANCISCO’S BAY AREA AND PORTLAND, OREGON.
TARGET’S CEO BRIAN CORNELL HAS BEEN OUTSPOKEN ON RETAIL CRIME — AND ITS NEGATIVE IMPACT ON THE INDUSTRY.
SAYING TARGET’S FULL-YEAR PROFITABILITY WILL REDUCE BY HALF A **BILLION DOLLARS COMPARED TO THE YEAR PRIOR DUE TO SMASH AND GRABS AND SHOPLIFTING.
TARGET IS NOT ALONE – OTHER STORES ARE ALSO DEALING WITH A RISE IN LOOTING. ON TUESDAY NIGHT – MORE THAN A DOZEN PEOPLE WERE ARRESTED IN PHILADELPHIA AFTER POLICE SAY SEVERAL BUSINESSES INCLUDING APPLE AND LULULEMON STORES WERE BROKEN INTO AND RANSACKED.