The retail giant has lost $9 billion, and its stock has seen the worst six-day stretch since March
Cookeville – Target’s shares have dropped 12.6% amid the backlash of the company’s so-called “PRIDE”collection, according to reports.
The retail giant has lost $9 billion, and its stock has seen the worst six-day stretch since March. Target’s shareholders suffered the negative effects after a national boycott was brewing (pun intended for the recent Bud Light controversy). Today, the stock dipped another 1.6% at close.
That is six consecutive days of free fall if you are counting.
“For more than a decade, Target has offered an assortment of products aimed at celebrating Pride Month,” said Target in a statement. “Since introducing this year’s collection, we’ve experienced threats impacting our team members’ sense of safety and well-being while at work.”
According to some reports, Target’s shares were trading off 1% at 141.76. That tumble shrunk the retailer’s value to $65.3 Billion as of Thursday. Recently, Target said it would remove some items from stores while making changes to its “PRIDE collection. The “PRIDE” collection included “tuck friendly” women’s swimsuits that are supposed to allow those who have not had “gender-reaffirming” surgery to conceal their private parts.
“Given these volatile circumstances, we are making adjustments to our plans, including removing items that have been at the center of the most significant confrontational behavior,” continued the statement. “Our focus now is on moving forward with our continuing commitment to the LGBTQIA+ community and standing with them as we celebrate Pride Month and throughout the year.”
The public standing against so-called “woke” campaigns seems to be a weekly occurrence in 2023. It seems every week it is another story and another controversy. Where will Target’s decision to cancel the “PRIDE” collection fall regarding effective damage control?
Only the stock market will answer that question, and we will all know soon enough.
Photo courtesy of Target.
