Safety First: Target Shutters Nine Stores Amid Rising Retail Crime
Portfolio Pulse from Shivani Kumaresan
Target Inc. (NYSE:TGT) has announced plans to close nine stores across four US states due to increasing concerns over theft and retail crime. Despite investing in security infrastructure, the company has struggled to ensure a secure shopping experience at these locations. The closures will take effect from October 21st. The company plans to facilitate transfers for eligible employees from the impacted stores to other Target branches. TGT shares closed lower by 2.48% at $109.48 on Tuesday.
September 27, 2023 | 10:26 am
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Target's decision to close nine stores due to increasing retail crime could impact its overall sales and profitability. The company's shares have already seen a decrease, closing lower by 2.48%.
The closure of nine stores could lead to a decrease in Target's overall sales and profitability. This news, coupled with the ongoing concerns over retail crime, could negatively impact investor sentiment, leading to a decrease in the company's share price. The recent drop in TGT shares suggests that the market is already reacting to this news.
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