THE WHAT? Target has announced that it will close nine of its stores in four states to curtail losses from persistent theft and organized retail crime. Staff will be offered transfers to other locations.
THE DETAILS Bloomberg reports that the US retail giant will shutter three stores in Portland, three in the Bay Area, two in Seattle and one in Manhattan. The move follows CFO, Michael Fiddelke’s estimate in May that shrink would grow by US$500 million this year.
THE WHY? The retailer said in a statement, per Bloomberg, “We cannot continue operating these stores because theft and organised retail crime are threatening the safety of our team and guests, and contributing to unsustainable business performance. We know that our stores serve an important role in their communities but we can only be successful if the working and shopping environment is safe for all.”