Target admits announcing transgender bathroom policy was a mistake

Target has finally admitted there was a mistake made in the transgender bathroom policy issue, but only said it was wrong to announce its long-held policy to the public via a blog post.

(REUTERS / Fred Prouser)A shopper stands at a checkout counter at a Target store in Los Angeles, California August 18, 2009.

Insiders told The Wall Street Journal that Target CEO Brian Cornell said he was frustrated over the way their transgender bathroom policy was publicized because he would not have approved it. He also admitted to the staff that the company did not assess the risk entailed by the move and now it is too late for them to reverse the backlash, The Christian Post relays.

On Thursday, conservative group American Family Association said Target had big expansion plans but had to cancel those when the company lost 35 percent of its stock value because of the backlash over its transgender bathroom policy.

Despite its plummeting stocks and the aftermath of its transgender bathroom policy implementation, Target still does not understand why its customers are so concerned over the issue, says Life Site News. WSJ earlier reported that the retail giant's sales have suffered declines for three consecutive quarters and yet Target executives said these losses were not remarkable enough for them to alert their investors.

AFA managed to round up 1.4 million signatures for its petition to boycott Target over the issue. Cornell, on the other hand, has repeatedly said the decline in their sales is not an effect of the boycott and has stood firm on his decision to adhere to the controversial policy.

However, Dan Celia of Financial Issues does not believe Cornell. The financial expert said Cornell and the rest of Target's leaders should be held accountable for not taking the steps needed to correct their plummeting sales, stocks, and foot traffic.

"For many months ... I've been saying that Brian Cornell should have been fired and its board replaced for the inability and apparent lack of desire to do what is best for Target stockholders," said Celia.

The financial expert slammed Target for not buckling under the pressure even after seeing the number of signatures AFA garnered for its petition. Celia pointed out that the almost 1.5 million individuals who signed the petition to boycott the retail giant represent the same number of families.