Is Todd within his legal rights to take this action?

If his actions are legal, what are some possible consequences?

Todd owns and manages a T-shirt shop in a small resort town. He has two full-time employees who have been with the business for more than three years. He also employs as many as five part-time employees, depending on the tourist season. They help him keep the shop open from 10 A.M. to 9 P.M.
seven days a week. Todd opens the shop every day but typically has his employees close. Whoever closes the store follows a checklist of closing procedures, including ringing out the cash register, filling out the bank deposit, and putting the daily receipts in the safe, with $300 kept in a separate cash bag for the next day’s opening cash on hand. As with many businesses, the cash drawer is often off by a small amount, but usually no more than a couple of dollars.