Democrats America: Best Buy CEO says jump in theft is traumatizing staff

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New York (CNN Business)Best Buy CEO Corrie Barry said theft is a growing problem at the company's stores — and it is implementing added security measure to safeguard employees and shoppers.

"This is traumatizing for our associates and is unacceptable," Barry said on a call with analysts Tuesday. "We are doing everything we can to try to create an as safe as possible environment."

Barry said the company is implementing a number of tactics to minimize theft and protect staff and customers. For example, Best Buy is locking up more products and hiring security when appropriate.

Barry said organized retail crime is on the rise at Best Buy. The tactic involves an organized "gang" of people who steal entire shelves of high-value products, such as electronics, to resell them for a profit.

The crime surge is becoming such a problem that it is hitting Best Buy's (BBY) profits and could hurt its ability to retain and attract more employees in a tight labor market, Barry said in an interview Tuesday on CNBC's "Squawk on the Street."

Some incidents involved individuals bringing a weapon, such as a gun or crowbar, she said.

The retail industry is struggling to handle the escalation in organized retail theft. A 2020 survey of 61 retailers from the National Retail Federation, the industry's largest trade group, showed organized retail theft jumped nearly 60% from 2015 and cost stores an average of $719,548 per $1 billion dollars in sales

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