Storch Advisors CEO and former Toys 'R' Us CEO Gerald Storch weighs in on retail crime and the iconic children's' store reopening across the U.S.will be impacted by the crime-related store closures in New York, Seattle and Oregon, according to documents filed in the respective states.
There are about 90 employees at the two store locations in Seattle that are slated to close by Oct. 21, according to a Worker Adjustment and Retraining Notification . There are another 293 employees at the store in New York City, which is also set to close on Oct. 21, and another 158 employees at the soon-to-be shuttered stores in Oregon, according to separate WARN notices.
Target previously said it will be "partnering closely with all eligible team members" to offer them a transfer. Although the stores will close at the end of the month, separations for workers who don't transfer to another location won't take effect until the end of December, according to the documents. This means employees who don't move to another location will still receive their normal pay until Dec. 30.
Even with its increased efforts in combating crime such as adding more security and implementing theft-deterrent tools, the company is still facing "fundamental challenges" in operating these stores safely, Target said.
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