Within a month after the misguided policy, the company’s market cap had already declined by $9 billion compared to where it should have been had Target kept its pre-April 19 correlation with its primary competitors, Walmart (WMT) and Costco (COST).

In the wake of its five-month-long bathroom policy, Target (TGT) Corporation continues to implode.

By late May, the market cap hit reached $10.5 billion. As of the second week of June, the loss was $11 billion.

Second-quarter earnings data are now out, showing that Target’s earnings plummeted nearly 10%, with projected lower sales estimates for the remainder of 2016. Net sales declined more than 7% from the same period year over year.

Corporate executives are leaving in droves. Just 10% of the most senior executives in place two years ago remain with the company, including two major losses during the past month.

Had Target’s market cap continued to follow close pace with Walmart, as it had done in the months before the bathroom policy was implemented, it would have increased 1% compared to its value on April 19 of this year. Instead, Target’s market cap is now down 23.3% over this time frame.

This adds up to a $12.2-billion market cap decline that is likely to be directly attributable to the failed bathroom policy.

The American Family Association’s boycott of Target, which has collected 1.42 million signatures, appears to have driven much – if not nearly all – of this drop. In response, Target recently announced it would spend $20 million to install single-stall locking bathrooms for those customers who are concerned over its “inclusive” washroom policy.

Whether or not this bathroom investment can help recapture Target’s lost share of retail sales and more than $12 billion of market capitalization remains to be seen.