Walmart CEO says due to "historically high" thefts prices will be raised and stores closed
Walmart CEO has warned that the retail giant may have to hike prices and shutter some stores amid 'historically high' thefts.
Speaking on CNBC's Squawk Box Tuesday, Walmart CEO Doug McMillon admitted that theft has become a major issue for the chain known for its low prices, saying district attorneys' lenient policies need to be 'corrected.'
'If that's not corrected over time, prices will be higher and our stores will close,' he told co-host Rebecca Quick.
McMillon did not specify in the interview which locations have experienced this record-high level of shoplifting, but his announcement comes after Walmarts in resorted to locking up most of their inventory to prevent further thefts.
Just one month ago, the chief financial officer at Walmart's biggest rival, Target, also revealed that shoplifting at its stores had leading to more than $400 million in losses in 2022 alone.
Walmart executives have been notoriously secretive about how much of an issue shoplifting is for the company, though has previously estimated that the chain loses about $3billion a year due to thefts.
But in his interview on Tuesday, McMillon admitted: 'Theft is an issue. It's higher than what it has historically been.'
He said the company has been forced to implement new safety measures at different locations but stressed that he saw local law enforcement as the main solution to the growing problem.
- - -
Sign Up For Exclusive Episodes At: https://reasonabletv.com/
LIKE & SUBSCRIBE for new videos every day. https://www.youtube.com/c/NewsForReasonablePeople
- - -
Reasonable+:
Become a Reasonable+ member to gain access to the entire uncensored catalog: https://reasonabletv.com/
- - -
Ways to Follow!
* Rumble - https://rumble.com/c/NewsForReasonablePeople
* Facebook - https://www.facebook.com/newsforreasonablepeople
* iTunes - https://apple.co/2MkFziJ
* Spotify - https://spoti.fi/2Dh8EoL
- - -
#Reasonable #News
-
45:15
News For Reasonable People
1 day agoOakland Mayor Linked to Political Donation Laundering Through Brothel Karaoke Bar
3812 -
1:03:23
Polebarngarage
20 hours agoBig Block 4x4 Shorty Van LIVES! The BEAST
22.8K13 -
15:40
Destene and Brandon
20 hours agoTelling our friends and family we're pregnant!! | Destene and Brandon
28.3K10 -
3:29
scoutthedoggie
18 hours agoAirsoft War Games - Defend The Base
17.6K -
7:22
Hack
20 hours agoHow to make a mini Gas-jet (up to 1000ºC)
29K2 -
6:30
Brad Polumbo
1 day ago"Cleanliness is Right-Wing!": Insane Woke TikTok (reaction)
22.1K32 -
13:23
Freakin' Reviews
1 day agoLet's Try Amazon's Best Selling JUICER!
24.5K4 -
16:59
Exploring With Nug
1 day ago2 Cars Found While Searching For Missing Man!
24.7K1 -
11:32
JoBlo Horror Originals
1 day agoWhat REALLY Happened To The Entity?
16.3K3 -
7:10:20
SNEAKO
14 hours agoYOU DONT WANNA MISS THIS… (surprise guest)
108K54