Retailers are cutting some prices to clear out amassed inventory. Here's what you should know.
NEW YORK — Target is canceling orders from suppliers, particularly for home goods and clothing, and it's slashing prices to clear out amassed inventory ahead of the critical fall and holiday shopping seasons.
People are also reading… Target declined to give a dollar amount of merchandise orders that are being canceled and depths of the discounts.Listen now and subscribe: Apple Podcasts | Google Podcasts | Spotify | Stitcher | RSS Feed | Omny Studio Other retailers including Gap, Macy's, Walmart and Kohl's have also reported rising inventories.
Target is working with suppliers to cover costs for their vendors whose orders are being cancelled. In some cases, some of the raw materials that were meant for some goods will instead be used for other products in higher demand, Fiddelke said. Many of the orders for products being canceled have a long production lead time of nine months, he said.
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