One of the largest retail chains in the United States, Target, lost $10 billion in market capitalization in a matter of days amid a public outcry over its collection of LGBTQ+ merchandise entitled Pride
WASHINGTON (Pakistan Point News / Sputnik - 29th May, 2023) One of the largest retail chains in the United States, Target, lost $10 billion in market capitalization in a matter of days amid a public outcry over its collection of LGBTQ+ merchandise entitled Pride.
Target's stock fell by nearly 14% to $138.93 per share on May 26 from $160.96 a week earlier, trading data showed Monday.
The company's underwhelming financial results in the first quarter and the forecast for its future financial performance may have also affected the share price.
The retailer explained the removal of some items form the collection by the threats addressed to company staff, and not the possible financial impact of its LGBTQ-friendly clothing collection for children.
