00:00 Target is set to shutter nine of its stores across four states, saying its decision is
00:05 as a result of theft and crime.
00:09 The company said they made the difficult decision because certain locations saw organized retail
00:14 crime pose safety concerns for employees and customers.
00:19 The company announced that before deciding to close these locations, they added extra
00:24 security to its stores, used third-party guard services and deployed theft deterrent tools
00:30 throughout its operations.
00:33 Target officials said that despite their efforts, they continue to grapple with significant
00:38 challenges in operating these stores "safely and successfully."
00:43 The stores set to close in some major cities include the East Harlem location in New York
00:48 City, the Seattle University Way and the Seattle Ballard stores in Seattle, and three locations
00:54 in California are set to close, which include the Pittsburgh, the San Francisco Folsom and
00:58 the Oakland Broadway stores.
01:00 Meanwhile in Portland, there are three locations set to shutter its stores, the Portland Galleria,
01:05 the Portland Powell and the Portland Hollywood.
01:08 Target officials said in a statement that all eligible employees will have the chance
01:12 to transfer to one of over 150 different Target locations.
01:17 In a survey released Tuesday, the National Retail Federation found that retail theft
01:21 has led to a significant loss for some retailers.
01:24 Over the past year, retailers have seen an increase in theft-associated losses jump from
01:30 $93.9 billion to $112.1 billion.
01:35 The nine stores are set to close on October 21.
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