Target loses $9B in week following boycott calls over LGBTQ-friendly kids clothing By Ariel Zilber
May 25, 2023 10:00am Updated More On: target Nike backs Bob Iger in DeSantis’ Disney feud following Dylan Mulvaney ads Target ‘spit in the face’ of customers with trans-friendly Pride merch: GOP prez candidate Target shopper tears down Pride sign as fury over LGBTQ merchandise spills into aisles Trans designer whose ‘satanist’ brand was pulled by Target sees orders surge 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 week-long 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.
https://nypost.com/2023/05/25/target-loses-8b-in-week-since-boycott-calls-over-pride-collection/
May 25, 2023 10:00am Updated More On: target Nike backs Bob Iger in DeSantis’ Disney feud following Dylan Mulvaney ads Target ‘spit in the face’ of customers with trans-friendly Pride merch: GOP prez candidate Target shopper tears down Pride sign as fury over LGBTQ merchandise spills into aisles Trans designer whose ‘satanist’ brand was pulled by Target sees orders surge 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 week-long 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.
https://nypost.com/2023/05/25/target-loses-8b-in-week-since-boycott-calls-over-pride-collection/
