'Target Says It Will Close Nine Stores In Major Cities, Citing Violence And Theft' - CNBC
Portfolio Pulse from Benzinga Newsdesk
Target Corporation (TGT) has announced the closure of nine stores across the US due to increasing levels of theft and organized retail crime. The stores are located in New York City, Seattle, San Francisco, and Portland. The company has been vocal about the issue of organized retail crime, which has led to higher shrink levels, impacting profitability. The closures are set to take place on October 21, 2023. The company also expressed support for the Combating Organized Retail Crime Act, which proposes stricter penalties for theft offenses.
September 26, 2023 | 7:08 pm
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Target's decision to close nine stores due to increasing theft and organized retail crime could negatively impact its profitability. The company's support for stricter theft penalties indicates a proactive approach to addressing these issues.
The closure of nine stores is a significant move for Target, indicating the severity of the theft and organized retail crime issues it is facing. This could negatively impact the company's profitability in the short term. However, Target's support for stricter theft penalties shows a proactive approach to addressing these issues, which could mitigate some of the negative impact in the long term.
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IMPORTANCE 80
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