International brand Victoria’s Secret is set to permanently close approximately 250 stores in the United States and Canada, as announced by its parent company L Brands. Moreover, the same company also plans to permanently close 50 Bath and Body Works stores in the United States and one in Canada.
According to L Brand, the company’s total sales declined 37% in the quarter that ended in May 02. Moreover, almost all stores have been closed since March 17 due to the COVID outbreak.
“Victoria’s Secret has 1,091 stores in the U.S. and Canada with 909 U.S. Victoria’s Secret stores and 144 Pink stores. The company says it will close 235 U.S. Victoria’s Secret and three Pink stores. It also plans to close 13 of its 38 stores in Canada,” excerpt from an article by USA Today.
L Brands reveals that it ‘remains committed to establishing Bath & Body Works as a pure-play public company and is taking the necessary steps to prepare the Victoria’s Secret Lingerie, Victoria’s Secret Beauty and PINK businesses to operate as a separate, standalone company’.