Target Chief Executive Officer Brian Cornell pledged in a June blog post that the retailer would take necessary actions to adapt to a post-pandemic landscape, paring a record $15.1 billion in unsold merchandise.
that the retailer would take necessary actions to adapt to a post-pandemic landscape, paring a record $15.1 billion in unsold merchandise.
Six of the vendors said Target's recent moves drive up their expenses and squeeze their profit margins at a time when Target wants to free up cash in order to restock its stores as consumers gear up for back-to-school shopping.Specifically, Target told some vendors it will cease transporting some merchandise they manufacture in China, instead ordering the same goods from their U.S. warehouses, adding to vendors' costs, two vendors told Reuters.
"We are having to hold back some orders" in China, she said. "We now have stock in China that Target does not need. So we are shifting that stuff to the United States and have to use our own freight," eating into margins, she said.
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