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Target loses $9B in week following boycott calls over LGBTQ-friendly kids clothing

Thursday, May 25, 2023 11:41

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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.

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Source: https://ncrenegade.com/target-loses-9b-in-week-following-boycott-calls-over-lgbtq-friendly-kids-clothing/

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