Walmart CEO Makes Drastic Change

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Walmart CEO Doug McMillon said rising crime rates and fraud in many Democrat-led cities will lead to store closures and price rises.

During an appearance on CNBC, McMillon explained there is large-scale stealing.

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Some CEOs are blaming left-wing prosecutors who are lenient on crime.

This problem of theft significantly decreases store earnings and forces closures.

“Theft is an issue. It’s higher than what it has historically been,” McMillon said.

“If that’s not corrected over time, prices will be higher, and or stores will close,” he said.

Walmart has connections with law enforcement in many places.

However, some prosecutors are unwilling to punish criminals. This only exacerbates the problem, according to McMillon.

Target CFO Michael Fiddelke said they had a 50% increase in theft over the previous year, costing the business $400 million.

“This is an industry-wide problem that is often driven by criminal networks, and we are collaborating with multiple stakeholders to find industry-wide solutions,” Fiddelke said, according to Fox Business.

“Along with other retailers, we’ve seen a significant increase in theft and organized retail crime across our business.”

“As a result, we’re making significant investments in training and technology that can deter theft and keep our guests and store team members safe,” he said.