Nike is permanently closing its beloved Portland factory store — one year after it shuttered the location because of theft problems.

The retail giant — like so many other major brands — has taken a hit to its bottom line due to a dangerous surge in petty theft shoplifting and organized retail crime.

In fact, The National Retail Federation (NRF) estimated in its annual security report that theft is costing the retail industry roughly $100 billion.

The Nike (NYSE: NKE) store, which opened in 1984 and quickly became a local institution, first closed in October 2022 with no official statement other than a message on the company’s website saying “Closed for the next 7 days” — but the store never reopened.

At the time, local news station KGW-TV reported thieves were “stealing armloads of Nike merchandise and walking out the front door with no fear of being stopped.”

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