Washington, Sep 27 (SocialNews.XYZ) US retail giant Target announced that it will close nine stores in major cities across the country, after grappling with violence, theft and organised crime.
The company announced on Tuesday that it will close one store in New York City, two in Seattle, three in the San Francisco-Oakland area and three more in Portland, Oregon, reports Xinhua news agency.
These locations will be permanently closed on October 21, according to CNBC.
"We cannot continue operating these stores because theft and organised retail crime are threatening the safety of our team and guests, and contributing to unsustainable business performance," Target said in a statement.
Headquartered in Minneapolis, Minnesota, the general merchandise retailer has stores in all 50 US states and the District of Columbia, boasting nearly 2,000 stores in the nation.
It had a total revenue of $109 billion in 2022.
In May, Target said organised retail crime is worsening and will cost the company $500 million more in lost and stolen merchandise this year than last year.
Other retailers, including Walmart, Best Buy and Home Depot have also spoken out about the growing problem.
Source: IANS
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