After earlier announcing that lost and stolen inventory has cost the company $500 million in profits just this year, Target decided that it simply cannot keep these nine stores running any longer because they have become a serious liability.
"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," the company said in a statement.
"We know that our stores serve an important role in their communities, but we can only be successful if the working and shopping environment is safe for all."
CNBC reported that Target is closing one store in Harlem, New York City; two stores in Seattle; three stories in the San Francisco and Oakland Bay Area; and three additional stores in the Portland area.
(Related: When Target decided to pull all LGBT "Pride" clothing from its stores this past summer, California Gov. Gavin Newsom shrieked like a hyena about how the retail chain is "selling out the LGBTQ+ community.")
Target announces support for "Combating Organized Retail Crime Act" to punish thieves
Nine stores may not sound like all that many when Target operates more than 2,000 stores nationwide. Even so, this is an ongoing decline taking place that Target is trying to stop by shuttering its worst performing stores – with more on the way if that ends up not being enough.
Target has been really outspoken about the organized crime rackets that are targeting its stores, these including the roving gangs of Black Lives Matter (BLM) terrorists that burst onto the scene after the George Floyd psy-op.
While other retailers are likewise closing stores, albeit more quietly and with less fanfare, Target stands alone in blaming these closures on rising retail crime.
"We do not want to close stores," said CEO Brian Cornell when asked back in May if these planned store closures have anything to do with rising crime rates. "We know how important our stores are. They create local jobs, they generate taxes, they're very important for those local shoppers, and they play a critical role in communities across the country."
"We'll continue to do everything in our power to keep our doors open. At the same time, we'll be closely monitoring the safety of our team and guests as well as the financial impact to our business as we determine the right path forward at Target."
In its most recent announcement about the nine store closures, Target also revealed that as a company it supports the passage of the "Combating Organized Retail Crime Act," which proposes stiffer penalties for thievery. The bill also calls for a change in the threshold required for prosecutors to bring federal theft charges.
"The Act would also provide retailers with a formal venue to trade information with each other, and law enforcement, through a proposed Organized Retail Crime Coordination Center," reported Zero Hedge about the legislation.
Since 2022, nine states have passed laws like this – six so far this year. Various retailers and trade associations have expressed support for these kinds of bills to protect their businesses.
Target faces additional problems with its ongoing support for LGBT causes like the genital mutilation of children. Morality is not exactly a strong point at Target, and with its "woke" transition has come a decline in customer support and loyalty, which is also cutting into the company's bottom line.
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