Shares of retailer Target Corporation TGT were trading lower Monday after the company apologized for technical problems at its stores over Father's Day weekend.
What Happened
The registers at Target went offline for two hours Saturday, leaving customers unable to complete transactions.
The outage was the result of an "internal technology issue," the retailer said in a statement issued the same day. It was unrelated to any data breach or security-related event, Target said.
Saturday's woes were followed by another problem at the checkout line Sunday when many consumers couldn't complete a transaction with a credit card. Target acknowledged the problem and said it was the result of issues at its payment vendor, NCR Corporation NCR
"NCR experienced an issue at one of their data centers," the company said, according to CNN. "No payment information was compromised at any time."
Why It's Important
A Twitter user posted a video of dozens of Target shoppers waiting in line with their carts. The user acknowledged leaving his cart and was likely joined by hundreds if not thousands of other shoppers, many of whom were rushing to stores for last-minute Father's Day presents.
What's Next
One key question investors are likely to ask moving forward is why the payment issue "showed up at Target and not at other places," CNBC's Becky Quick said on "Squawk Box" Monday. After all, NCR boasts many clients across the entire retail universe.
Target shares were down 1.05% at $86.92 at the time of publication Monday, while NCR shares were falling by 2.36% to $30.60.
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Photo courtesy of Target.
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