Target Corporation (NYSE:TGT) shares shot lower early Monday, only days following plans to shutter 175 stores and reduce hours at a few others until further notice following the protests organized in the wake of George Floyd’s death.
The discount retailer closed or adjusted hours at 200 stores over the weekend, a spokesperson told media outlets. Target operates 1,900 stores across the U.S, including 73 in Minnesota.
Target’s decision comes in light of its own stores in its hometown of Minneapolis being targeted by protesters for looting or vandalism. In one video that has gone viral on Twitter, a female in a wheelchair was attacked by protestors looting a Minneapolis Target store. Other videos of Target locations being looted also continued to pop up on Twitter during the weekend.
Target CEO Brian Cornell addressed the situation over the weekend.
“We are a community in pain. That pain is not unique to the Twin Cities—it extends across America. The murder of George Floyd has unleashed the pent-up pain of years, as have the killings of Ahmaud Arbery and Breonna Taylor. We say their names and hold a too-long list of others in our hearts.
“As a Target team, we’ve huddled, we’ve consoled, we’ve witnessed horrific scenes similar to what’s playing out now and wept that not enough is changing. And as a team we’ve vowed to face pain with purpose,” Cornell said.
TGT shares fell $2.01, or 2.5%, to $119.87.