Walmart CEO says they may close stores and increase prices due to theft
The CEO of Walmart recently said an increase in theft at the retail giant could cause stores to close and higher prices for products.
Walmart CEO Doug McMillon told CNBC the problem of theft in Walmart stores is higher than what it “has historically been.”
McMillion says the company has measures to stop left put in place at each store. He says cooperating with local law enforcement is part of that equation. McMillion said local jurisdictions may be required to step up in handling cases of shoplifting to prevent Walmart store closings and higher prices in the future.
“If that’s not corrected over time, prices will be higher and/or stores will close,” he told CNBC. A 2015 Reuters report says, Walmart loses $3 billion per year in U.S. revenue to theft by customers and employees.
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