We have seen a fair number of trendy toys come and go, with last year’s hoverboards taking a step back amid lots of product issues, and now fidget spinners are the “it” thing. However, these toys could be on the way out as well. The U.S. Public Interest Research Group (PIRG) Education Fund found some problems with a major retailer’s sales of this hot new toy.
Target Corp. (NYSE: TGT) is finding itself under the microscope after the PIRG found that fidget spinners it sold contained high levels of lead.
Currently, the toxic fidget spinners are still available both in toy aisles at Target stores and on its website. Incredibly, Target and its distributor Bulls i Toy defend their inaction by pointing to the Consumer Product Safety Commission’s (CPSC) declaration that fidget spinners are not technically “children’s products” subject to legal limits for lead.
Lab results showed two fidget spinners contained extremely high levels of lead, well over the federal legal limit of 100 parts per million (ppm) for lead in children’s products. The Fidget Wild Premium Spinner Brass center circle tested for 33,000 parts per million (ppm) of lead. And the Fidget Wild Premium Spinner Metal center circle tested for 1,300 ppm of lead.
Kara Cook-Schultz, U.S. PIRG Education Fund toxics director, commented:
Saying fidget spinners aren’t toys defies common sense, as millions of parents whose kids play with spinners can tell you. The CPSC, Target and Bulls i Toy need to acknowledge the obvious — that all fidget spinners are toys. So, Target needs to immediately stop selling the toys that contain high amounts of lead, and issue a recall for those that they’ve already sold.
Shares of Target were last seen down fractionally at $58.17, with a consensus analyst price target of $59.28 and a 52-week range of $48.56 to $79.33.