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Retail giant Target has lost billions in market value amid public outcry over its offering of LGBTQ-themed clothing for children.
Company market cap amounted to $74.3 billion as of last Wednesday, according to the New York Post. But by the end of trading on Thursday, that figure stood at 64.96 billion, meaning Target lost more than $9 billion in value in slightly over a week.
The company attracted bad press last week over its offering of such items, which including children’s clothing, books, and dog toys. Among the most controversial were “tuck-friendly” swimsuits intended for transgender adults.
Target reportedly held an “emergency” meeting this week that resulted in an order to relocate pride displays in stores and to downsize them, according to one company insider. The brand subsequently removed certain LGBTQ products from a UK-based designer who also sells Satanic merchandise.
The company’s backtracking on its pride plans has attracted criticism from the political left, including California Democratic Gov. Gavin Newsom, who deemed the capitulation the result of a “systematic attack on the gay community happening across the country.”
Consumers have not just punished Target over LGBTQ issues in recent weeks. Beer brand Bud Light has witnessed a marked decline in sales ever since an ill-fated partnership with transgender influencer Dylan Mulvaney. Target leadership has reportedly sought to avoid a so-called “Bud Light situation.”