Target said Tuesday that it will close nine stores in major cities across the country, citing violence, theft and organized retail crime.
Target, which has nearly 2,000 stores in the U.S., has been outspoken about organized retail crime at its stores.
When the company reported fiscal second-quarter earnings in mid-May, CEO Brian Cornell said organized retail crime had shot up at its stores.
When asked if the company plans to close stores because of rising shrink, Cornell stressed Target's reluctance to shutter locations.
Since 2022, at least nine states — six so far this year — have passed similar laws to impose harsher penalties for organized retail crime offenses.
Persons:
Brian Cornell, Cornell, We'll, we'll
Organizations:
Coordination, CNBC
Locations:
New York, Harlem, Seattle, San Francisco, Oakland, Portland , Oregon, U.S