How you would handle catching a work friend stealing?

"Depending on the circumstance, I would observe, collect evidence, pull our managers aside, and deal with it discreetly. I'd tell them I want to remain anonymous and ask them to recruit others to gather their things before escorting them off the property. Whether they're my friend or not, I'd want them to be treated with dignity. Regarding any other actions, I would follow the company's policy accordingly. The last time I encountered this, the employee was asked to return the product and was fired. We also Eighty-Sixed them from all our stores and mailed their paycheck to their address. I'm a pretty good judge of character, so, luckily, I haven't faced this situation. I'd hate to lose a friend over something like this."