Organized Retail Crime Plagues Target, Costing Billions in Profits
In its latest earnings report, Target Corporation (TGT) announced that large-scale thefts are expected to reduce profits by a staggering $500 million this year. Coupled with a $700 million loss from shrinkage in 2022, the company is bracing for an accumulated loss of $1.2 billion due to rampant organized retail crime. Brian Cornell, the CEO…