Retail giants like Target and Rite Aid have issued concerns about organized crime rings causing profits to shrink, following the dismantling of Baltimore-based criminals in New Jersey.
Target CFO Michael Fiddelke, speaking during the company’slast Wednesday, said a factor affecting Target’s gross margin is "inventory shortage, or shrink, which is a growing problem facing all retailers."
"At Target, year to date, the incremental shortage has already reduced our gross margin by more than $400 million versus last year, and we expect to reduce our gross margin by more than $600 million for the full year," he said.that is often driven by criminal networks, and we are collaborating with multiple stakeholders to find industry-wide solutions.
Additionally, Rite Aid CEO Heyward Donigan and Chief Retail Officer Andre Persaud in September noted "shrink" as an issue the pharmacy chain was dealing with, particularly in its New York City locations. John Catsimatidis, a billionaire New York City grocery chain owner, told FOX Business Monday he may cut back store hours to protect employees from violent behavior.
"Our stores used to be open until midnight. We're going to reconsider that and bring the hours down because there's nobody walking the streets because of fear," John Catsimatidis, CEO of New York City supermarkets Gristedes and D’Agonisto, said on "A bipartisan group of House lawmakers led by Colorado Republican Ken Buck proposed legislation in October that wouldBuck previously told Fox News his bill, which he will introduce Friday, is a companion to Iowa Sen.
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