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MINNEAPOLIS (AP) — Retail giant Target Corp. plans to cut prices on some merchandise and cancel orders as the company works to reduce its burgeoning inventory.

The Minneapolis Star Tribune reported Tuesday that the company’s inventory grew 43% from February to April.

Customers may see lower prices on televisions, outdoor furniture and kitchen appliances to clear space for better-selling items.

Still, the company says prices overall may climb this summer as it wrestles with rising transportation costs. The retailer plans to address supply chain problems by adding more holding capacity near U.S. ports and working with supplies to reduce the distances products travel.

Target shares fell 7% in early trading Tuesday morning.

The Ultimate 2022 Summer-Fun Guide For Southeast Minnesota

You and the family are sure to be searching for plenty of fun events that will get you outside and enjoying the Minnesota summer sun!

Below you will find The Ultimate 2022 Summer-Fun Guide for Southeast Minnesota! All of the biggest events that our area has to offer. If we missed one, let us know on our app today!

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