Big-box retail chain Target Corp. announced on Tuesday that it will be closing nine of its stores in four states next month. The company cited concerns over organized retail theft as the reason behind the closures, stating that it posed a threat to the safety of both employees and customers.
The affected stores are located in New York, Seattle, San Francisco, Oakland, and Portland, and will officially shutter their doors on October 21. Target assured that all eligible team members will be given the opportunity to transfer to other Target locations.
According to Target, the decision to close these stores was driven by the need to prioritize safety issues. In a statement, the company said, "In this case, 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."
Recognizing the significance of its stores within local communities, Target emphasized that the success of its operations relies on a safe working and shopping environment for all individuals involved.
In response to the concerning trend of retail theft, Target has implemented various security measures including the addition of more security staff and third-party guard services. The company also assured that many Target stores are still up and running in the affected cities. Furthermore, Target highlighted its ongoing charitable donations and volunteer efforts within these areas.
Following the announcement, shares of Target experienced a 2.4% decline on Tuesday.
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