Target has lost $10.15 billion in market capitalization in the past week, following backlash over its LGBTQ kids clothes, the New York Post reports.
On May 17, Target (TGT) closed at $160.96 a share, giving the big-box retail chain a market cap of $74.3 billion. On May 25, Target’s market cap was $64.15 billion, with the stock opening at $142.18 a share, down 13.7% from a week ago.
For more than a decade, Target has sold clothing and other items for June’s Pride month. This May, the cheap-chic chain experienced heated customer backlash when the line included “tuck friendly” swimsuits for transgender females to hide their private parts.
Customers tipped over LGBTQ displays, some of which were prominently placed at the front of stores, and confronted workers, Target said. Customers also posted threatening videos from inside stores on social media, the company said.
Target issued a statement Wednesday saying it was getting rid of some of the Pride merchandise out of concern for workers’ “sense of safety and well-being while at work.”
Without specifying which clothing or articles, Target said it was “removing items that have been at the center of the most significant confrontational behavior.”
Target said its “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.”
Earlier this week, Target CEO Brian Cornell defended the merchandise, saying it was “the right thing for society.”
Conservative TV commentator Tomi Lahren said Target is about to find out the financial consequences of putting off conservative shoppers—much like Bud Light has over the past six weeks after its marketing tie-up with transgender social media influencer Dylan Mulvaney.
“I think that Target really soon is about to find out what happens when conservatives shop—or, rather, don’t shop—because they are about to get Bud Light-ed,” Lahren said.