Target Corp. is closing nine stores in four states to stem losses from rising retail theft.
One Manhattan location will be shuttered, along with two in Seattle, three in Northern California and three in Portland, Oregon, Target said in a statement Tuesday. The stores will close Oct. 21.
Target has been fuming on its earnings calls for more than a year about losses from theft by criminal gangs, which are adding pressure on the company’s slender profit margins. According to the Minneapolis-based company, organized retail crime is spurring an increase in shrink, which is an industry term for inventory losses from external and internal theft, plus goods lost to damage and administrative error.
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