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Target loses $9B in week following boycott calls over LGBTQ-friendly kids clothing
[NYPOST] Target has lost $9 billion in market value since angry social media users called for a boycott of the Minneapolis-based retailer over its rollout of the "PRIDE" collection featuring LGBTQ-friendly clothing for children.A week ago Wednesday before the controversy erupted, Target’s stock closed at $160.96 a share, giving the big-box chain a market capitalization of $74.3 billion. As of early trading on Thursday, however, shares of the company were trading off 1% at $141.76 — capping a weeklong tumble that has shrunk the "cheap chic" discount retailer’s value to $65.3 billion. That amounts to a 12% drop that has shaved a whopping $9 billion off the company’s market capitalization. Target said on Tuesday it was removing some items from its stores and making other changes to its LGBTQ+ merchandise nationwide ahead of Pride month after intense backlash from some customers who confronted workers and tipped over displays. "Since introducing this year’s collection, we’ve experienced threats impacting our team members’ sense of safety and well-being while at work," Target said in a statement on Tuesday. Posted by: Fred 2023-05-26 |
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