12/6/2023 0 Comments Yahoo finance news![]() ![]() President Joe Biden spoke with strikers at United Auto Workers (UAW) picket lines in Michigan on Tuesday. Target added it "invested heavily in strategies to prevent and stop theft and organized retail crime in our stores" prior to closing stores, including by adding more security to stores, using third-party security guard services, and implementing "theft-deterrent" tools across our business. "Shrink in the second quarter remained consistent with our expectations but well above the sustainable level where we expect to operate over time," Target CEO Brian Cornell said in the company's second quarter earnings call. In 2022, profits took a $700 million hit from inventory shrinkage. 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. ![]() All "eligible" employees will be offered the opportunity to transfer to other Target locations, the company said. The stores set to close include one in Harlem, New York two in Seattle, Washington three near San Francisco and Oakland, California and three in Portland, Oregon. "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. On Tuesday the big box retailer announced plans to close nine stores, effective Oct. Shares of Target plunged to a session low on the news, falling nearly 2%. Target's ( TGT) retail theft problem is now leading the retailer to close up shop in various locations around the country. Target closes 9 stores due to retail theft
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