UPDATE: Target has reportedly lost $9 billion in market value since parents and outraged customers called for a boycott of a Minneapolis-based store once it displayed the ‘PRIDE’ clothing for children, merchandise many parents and shoppers alike deemed ‘inappropriate’ for the youth. The $9 billion loss was reported on NY Post:
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.
Parents standing up for the soul of America have spoken out in numbers big enough to make Target respond to criticism and the store will now remove SOME of the LGBTQ merchandise that was linked to an allegedly satanic designer.
The store launched a Pride Collection in early May and immediately faced backlash from parents who claim the store is giving in to a ‘woke’ agenda and participating in ‘grooming’ of young people, in the sense that this stuff does not belong where children can see it. So many customers expressed their concerns and distaste for the merchandise that Target is now reeling some of the items off the shelves amid concerns for the safety of their own employees. However, it doesn’t seem like any employees are in danger, it’s just that parents want these items off the shelves and away from their kids.
According to a report on CNN, Target Corp (TGT) introduced over 2,000 products as part of its Pride Collection, featuring clothing, books, music, and home furnishings. Among the items were mugs with a “gender fluid” theme, calendars proclaiming “queer all year,” and children’s books titled “Bye Bye, Binary,” “Pride 1,2,3,” and “I’m not a girl.” Obviously, most parents were not interested in their children seeing this stuff because to many parents, at least those with any sense of morals or decency, this is considered ‘grooming’ when people or companies present this material to children.
In their statement, Target acknowledged that the introduction of this year’s collection led to threats that impacted the safety and well-being of their team members. They expressed their commitment to adapting their plans in response to these volatile circumstances, including the removal of items that have been at the center of confrontational behavior.
Target has been actively supporting Pride Month for over a decade. However, this year’s collection has resulted in an increase in confrontations between customers and employees, as well as incidents of Pride merchandise being discarded on the floor, according to Target spokesperson Kayla Castaneda.
Target’s decision follows a conservative backlash against Bud Light, prompted by Anheuser-Busch featuring transgender influencer Dylan Mulvaney in their social media promotion last month.
The products being withdrawn by Target will be removed from all its stores across the United States and from its website, as confirmed by Castaneda. While several Pride Collection items are under review, the focus of removal is currently on the LGBTQ brand Abprallen, which has faced scrutiny due to its association with British designer Eric Carnell.
Carnell has encountered social media backlash for designing merchandise featuring pentagrams, horned skulls, and other Satanic imagery. A search on Target.com for Abprallen merchandise yielded no results.
Screenshots and social media posts indicate that Target previously sold a slogan sweater priced at $25, bearing the words “cure transphobia not trans people,” as well as an $18 tote bag stating “too queer for here.”
Target is also reviewing specific transgender swimsuits and children’s merchandise, but no decision has been made regarding those products yet. For instance, a swimsuit sold in the women’s section drew attention for its description as “tuck friendly,” implying its suitability for concealing male genitalia – something that is beyond disturbing and should never be in a store where children are present.
Photo: Jay Reed, CC BY-SA 2.0 <https://creativecommons.org/licenses/by-sa/2.0>, via Wikimedia Commons
Disclaimer: This article may contain commentary which reflects the author’s opinion.