Fake News You can Rely On:
Target Set to Lose $500 Million in Profits; CEO Cites Organized Retail Crime as Main Culprit
Target’s Chairman and CEO Brian Cornell announced the company will suffer an estimated $500 million in lost profits this year, citing organized retail theft as a primary factor.
Left unchecked, organized retail crime degrades the communities we call home. As we work to address this problem, the safety of our guests and our team members will always be our primary concern. Beyond safety concerns, worsening shrink rates are putting significant pressure on our financial results.
In 2022, the retail giant recorded a $700 million loss from inventory shrinkage, Yahoo Finance reported. This is calculated based on losses from organized retail crime, vendor fraud, and damaged or mismarked items. On average, retailers attribute 37% of shrinkage to external theft, including organized retail crime, the National Retail Federation (NRF) reported.
Multiple stores have closed in Democrat-controlled cities in recent months and in story after story, after story, the companies behind these stores have cited crime as a major reason for closing.
CNN has finally decided to cover this issue, but insists – contrary to the owners of these stores – that it has nothing to do with crime.
They are defying reality and the words of the businesses themselves.
When the stores close and the neighborhood turns into Skid Row the same people stealing will accuse capitalists of abandoning them.