Target Stock Drops Amid New Bathroom Policy And Boycott
Target stock prices dropped in 10 days after the retailer announced a new policy to allow customers to use whichever bathroom or fitting room accords to their gender identity.
On Friday, the shares of Target Corporation Common Stock (TGT) fell 2.52 percent in one day, according to recent reports. In addition since April 19th, the day they announced the new policy, the stock went from a share value of $84.14 to $79.27 per share. That’s a drop of 5.8 percent in 10 days.
The Family Policy institute says they estimate that to be a loss to the company of $2.5 billion dollars.
Shortly following Target’s new policy, the American Family Association (AFA) launched a petition to boycott the store. As of Friday afternoon they had received over one million signatures.
As previously reported, in addition to signing the “boycott pledge” the group is encouraging people to post on Target’s Facebook page that they are upset about the new policy.
A Target spokesperson has said they are standing by their decision. “Our belief in and commitment to inclusivity has not changed.”