Best Buy CEO: ‘Organized Retail Crime’ Harming Profits and Employees

People walk past a Best Buy store in New York, N.Y., November 22, 2021. (Andrew Kelly/Reuters)

Best Buy CEO Corie Barry said on Tuesday that increased shoplifting is affecting profits and employee safety at the electronics retailer.

“We’re seeing more loosely organized groups come together and target our stores. And frankly, we’re seeing it across retail, targeting stores and going in and grabbing large swathes of merchandise and going out,” Barry told CNBC’s Squawk on the Street. “For our employees these are traumatic experiences, and they are happening more and more across the country.”

Barry said the rise in thefts was a “horrible change in the trajectory of the business,” and that Best Buy was taking measures to safeguard employee safety including working with local law enforcement agencies.

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