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Target loses $10B in 10 days after boycott calls over LGBTQ-friendly kids clothing
mystery-ak:
Target loses $10B in 10 days as stocks fall following boycott over LGBTQ-friendly kids clothing
By Ronny Reyes
May 28, 2023 1:01pm
Target has lost $10 billion in market valuation over the last 10 days as the popular retailer continues to face backlash over its Pride-themed clothing line for children.
A week ago Wednesday, Target enjoyed its stock value at $160.96 a share, but following the calls to boycott the Minneapolis-based retailer over its “PRIDE” collection, the value plummeted and closed Friday at $138.93 a share.
The more than 22% drop in value for the blue chip stock roughly translates to a $10.1 billion loss in valuation to just $64.2 billion for Target, which has nearly 2,000 stores nationwide.
The plummet stands as the retailer’s lowest stock price in nearly three years. The last time the company saw a drop nearly this big came in 2022 after the stocks equalized following an unprecedented surge during the COVID pandemic.
Target, which has been caught in the middle of America’s culture wars over gender, moved its Pride section in some Southern stores away from the front last week after it said displays were knocked over by protesters, who also confronted workers.
more
https://nypost.com/2023/05/28/target-loses-10b-following-boycott-calls-over-lgbtq-friendly-clothing/
Kamaji:
Good. Hope it goes lower.
libertybele:
Target is right next to where I get groceries. I did a quick drive by and their parking lot appeared to be full. I didn't really see a reduction in shoppers.
sneakypete:
Losing 10 Billion in less than 2 weeks is a hard hit,I don't care who you are.
roamer_1:
--- Quote from: sneakypete on May 28, 2023, 11:06:49 pm ---Losing 10 Billion in less than 2 weeks is a hard hit,I don't care who you are.
--- End quote ---
A quarter of their value... If this keeps up, they will be closing stores in a month.
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