American pharmacy store chain Walgreens has discovered that locking its wares behind lock and key in an apparent effort to stop shoplifters has backfired spectacularly. As Fortune reports, the company has been battling with a major year-over-year decline in earnings and announced it would close an additional 450 stores across the country this year.

The top executive at Walgreens lamented the loss of sales from putting items like toothpaste behind lock and key to crack down on rampant shoplifting that has plagued pharmacy chains around the country.

Retailers have been faced with increases in shoplifting and retail theft. But anti-theft prevention can hurt retail sales, says the CEO of Walgreens.

Walgreens is struggling to deter shoplifting at its stores, according to CEO Tim Wentworth, who described it as "a hand-to-hand combat battle still, unfortunately."

Keeping products under lock and key dissuaded customers from purchasing them, Walgreens said in earnings call.

Walgreens' strategy of locking up merchandise — from deodorants to bags of M&M's — to deter theft has backfired, according to CEO Tim Wentworth.

Tim Wentworth, CEO of Walgreens Boots Alliance, the parent company of Duane Reade, acknowledged to investors during a Jan. 10 earnings call that the company's asset protection tactic of locking merchandise to prevent retail theft has slowed sales.

Despite efforts to prevent retail theft, Walgreens reported a 32% in "shrink," or a loss of inventory that can’t be accounted for through sales.

Walgreens’ strategy of locking up merchandise — from deodorants to bags of M&M’s — to deter theft has backfired, according to CEO Tim Wentworth. “It is a hand-to-hand combat battle still, unfortunately,