(CNN) — Target is in trouble. And while it’s easy to get lost in the company’s recent (poor) handling of American culture war narratives that cast it as too “woke” or too willing to cave to online fascists, the root of Target’s problems runs deep.

Don’t get me wrong – the massive consumer boycotts from Black organizers have done damage. And there are probably folks on the far right who think even Target’s toned-down, overwhelmingly beige Pride merch this year was still too loud.

But its stock is in the gutter, and sales have been falling for two years because of good ol’ business fundamentals. It overstocked. It lost the pulse of its customers. It went up against Amazon Prime with… actually, does anyone know what Target’s Amazon Prime competitor is called?

Plus the boycotts. Plus th

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