UNITED STATES—Victoria’s Secret, the famous lingerie company announced they are closing several stores permanently due to the prevalence of the current COVID-19 pandemic. Bath & Body Works also announced that it will be closing 50 of its stores.
L Brands (LB) who owns Victoria’s Secret decided to close a quarter of its stores which was a “very significant decision” to “strengthen” Victoria’s Secret, said Stuart Burgdoerter, the Chief Financial Officer of (LB).
Victoria’s Secret has closed 250 of its stores, but the number is likely to grow over the next few years. Victoria’s Secret is reported to have around 1,100 stores in North America in total.
LB Brands indicated the Bath & Body Works stores that will close are just a portion of its 1700 stores in North America. Despite closures, Bath & Body Works continues to thrive with online sales increasing 85 percent in the last year.