by Arsenio Toledo, Natural News:
Organized retail crime is expected to cost major retailer Target up to $500 million in lost profits this year due to inventory shrinkage, or theft of merchandise. Factoring in the approximately $750 million in profits Target lost last year from inventory shrinkage, the company is on pace to see $1.2 billion in profits go up in smoke over a two-year period due to organized retail crime.
Brian Cornell, Target chairman and CEO, warned that the problem is happening nationwide, getting worse and is affecting most merchandise departments. (Related: Major retailers will keep shutting down their stores until organized retail crime gets under control.)