After promoting LGBTQ merchandise for kids and partnering with a designer who is a Satanist, Target is suffering major losses. In one week, the major retailer lost $9 billion in market value.
A recent collection released by Target for Pride Month was quickly met with backlash from customers who disagree with both the message the collection sends to children and with the retailer partnering with a designer who promotes Satanism, Abprallen.
Friendly reminder that Target was exposed for selling transgender children’s merchandise made by Abprallen, a Satanic designer whose shirts say:
“Satan respects pronouns”
This is why we’re boycotting Target pic.twitter.com/4hIkTTxbeH
— DC_Draino (@DC_Draino) May 23, 2023
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On Tuesday, Target announced it would be removing some of these LGBTQ-themed products from its stores and making changes to the remaining merchandise.
“Since introducing this year’s collection, we’ve experienced threats impacting our team members’ sense of safety and well-being while at work,” Target said in a statement. “Given these volatile circumstances, we are making adjustments to our plans, including removing items that have been at the center of the most significant confrontational behavior.”
It has not been specified which items Target is removing from the Pride collection, but many have speculated that the “tuck-friendly” women’s swimsuits may be on the chopping block. These swimsuits allow biological men to hide their genitals while wearing bathing suits designed for biological females.
In some stores, the Pride merchandise has been moved from the front of the store to the back.
As calls for Target boycotts continue, some think the retailer is facing a “Bud Light” issue as they continue to lose market value.
Speaking with Fox News host Sean Hannity, conservative commentator Tomi Lahren said, “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.”
Bud Light’s sales are down about 25% from a year ago and, before the controversy broke out, had a market capitalization of $74.3 billion.
As of Thursday, the company shares were trading off 1% at $141.76, bringing Target’s value down to $65.3 billion – a 12% drop equating to a $9 billion drop in the company’s market capitalization.
In the wake of this disaster for the company, Target sent an email – that was obtained by political commentator Greg Price – to its employees about the recent controversies.
“Yesterday was a very hard day for Target, and as CEO Brian Cornell said, thank you for the care you’ve shown each other, our frontline teams and the LGBTQIA+ community,” the letter said.
The email then shifted to acknowledge the anniversary of George Floyd’s death, saying, “Today brings more reflection, pain and the need for continued care as our team, hometown and world remember the anniversary of the murder of George Floyd.”
BREAKING: I have obtained the internal email that @Target sent to their employees following the Pride month disaster that has caused them to lose $9B in one week, where is goes from standing with the "LGBTQIA+ community" to the anniversary of George Floyd lmfao. pic.twitter.com/GQVgrdmHDv
— Greg Price (@greg_price11) May 25, 2023