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Target (TGT) Stock Lower, Cuts Ties With Textile Manufacturer

NEW YORK (TheStreet) -- Shares of Target (TGT) were declining in early afternoon trading on Friday as the Minneapolis-based discount retail giant said it's cutting ties with Mumbai-based Welspun India, saying the manufacturer sent it fake Egyptian cotton sheets.

Welspun is the largest towel manufacturer in Asia, and the second largest worldwide, according to the company's website.

Target said it discovered last month that 750,000 sheets and pillowcases labeled as Egyptian cotton were made with another kind of cotton, Bloomberg reports. The company is pulling the items from its stores and told customers today that it will give them a refund on the products.

The...


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