May 22, 2020
L Brands, the parent company of Victoria’s Secret, recently announced its intention to close 250 stores across the United States and Canada - here’s why.
Several businesses around the world have continued to deal with the downsides that came with the ongoing coronavirus pandemic.
A Victoria's Secret store closed during the COVID-19 pandemic on May 19, 2020 in New York City | Photo: Getty Images
The latest company to announce its shortcomings is L Brands - the parent company of the famous and beloved feminine lingerie, womenswear, and beauty products, Victoria’s Secret.
The fashion company said it is working towards reopening some stores that were initially closed due to COVID-19.
According to Today, L Brands has made its intention to permanently shut down 250 stores across the United States and Canada known.
The fashion retailer reported that it suffered notable losses due to the COVID-19 pandemic, as the total sales for Victoria’s Secret during the first fiscal quarter that ended on May 2, fell by 46%. The site added that L Brands also intended to focus on managing their catalog and selling more of their products at full price
Bath & Body Works, which is another subsidiary of the company, also saw total sales fall by 18%. However, it seemed that online business enjoyed an 85% surge as customers opted to purchase soap and hand sanitizers.
Business Insider noted that the news of L Brands stores closing came weeks after the company confirmed that plans to sell a majority stake in the company to the New York-based private-equity firm, Sycamore Partners, was off the table.
USA Today further explained that the Ohio-based company reaffirmed its commitment “to establishing Bath & Body Works as a pure-play public company.”
The news outlet continued that L Brands also stated that they are focused on taking the steps they needed to make Victoria’s Secret Beauty, Victoria’s Secret Lingerie, and PINK businesses work as standalone companies.
The fashion company said it is working towards reopening some stores that were initially closed due to COVID-19. Victoria’s Secret has a total of 1,091 stores in the United States and Canada - while there are 909 U.S. Victoria’s Secret stores, there are 144 Pink stores.
A breakdown offered by USA Today pointed out that L Brands will close 235 Victoria’s Secret and 3 Pink stores in the U.S. and 13 of its 38 stores in Canada.