After unsuccessfully trying to cut its theft losses, Target is throwing in the towel.
The retail chain is shutting down nine of its stores, saying theft has gotten so out-of-control that it’s “threatened the safety of workers and customers.” Among the stores getting the ax are three in Portland, three in San Francisco, two in Seattle and one in East Harlem, Target officials reveal. They’re scheduled to go dark by October 21st.
Last year, Target lost up to $800 million in merchandise to thieves, says CEO Brian Cornell. This year, the retailer is on track to lose an estimated $1.2 billion, Cornell adds.