- Home Depot Inc., revealed that organized criminals are stealing millions of dollars worth of goods from the retailer
- CEO Craig Menear said the company believes the crimes are related to the Opioid Epidemic
- This is one of the first times a major U.S. retailer is citing the opioid epidemic as a financial factor
- The thefts are expected to negatively impact the company’s profit margins
- The opioid epidemic was named a public health emergency by the Trump administration in 2017
Home Depot Inc. executives claim organized criminals fueled by the opioid epidemic are stealing millions of dollars worth of goods from retailers and storing them in warehouses.
The thefts, referred to as ‘shrink’ by retailers, has become so pervasive that it will effectively narrow the company’s operating profits next year.
‘This is happening everywhere in retail. We think this ties to the opioid crisis, but we’re not positive about that,’ Chief Executive Craig Menear said during a meeting with investors and analysts.