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Target is conceding defeat after exhausting all of its options for reducing theft losses.
The retail giant has made the difficult decision to close nine of its stores, citing an alarming surge in theft incidents that have not only placed merchandise at risk but, more importantly, have seriously jeopardized the safety of both its diligent workforce and loyal customers.
These impacted stores, specifically three in Portland, three in San Francisco, two in Seattle, and one in East Harlem, are set to cease operations by the 21st of October, a poignant chapter in the history of Target.
Brian Cornell, the steadfast CEO of the company, reveals that in the previous year alone, Target incurred staggering losses amounting to nearly $800 million due to the nefarious activities of thieves. Regrettably, this year appears to be on a trajectory towards even graver losses, with an estimated $1.2 billion in jeopardy, as confirmed by Mr. Cornell.