Target will SLASH prices on $15 billion in unwanted inventory

Target has announced that it will cut prices and cancel orders for thousands of its products, as part of a frantic effort to clear out billions in backed-up inventory.

The pent-up products consist of bulky items such as furniture, that were a commodity during the pandemic but have fallen out of favor now that restrictions have loosened, Target said Tuesday.

The company says it had nearly $15.1 billion of inventory as of April 30, the end of the first first fiscal quarter. The amount serves as nearly 50 percent more than that seen just a year ago.

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