Victoria’s Secret plans permanently close around 250 stores in the United States and Canada this year, as announced L Brands its parent company through a press release.
The company reported in its analysis a net loss of $ 296.9 million compared to a profit of 40.3 million during the same period but a year ago.
L Brands, which also owns Bath & Body Works, plans to permanently close 50 of these branches located in the United States and Canada, according to information published online in its quarterly report.
The company announced the closure of stores in the United States and Canada. Photo: AFP.
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The total sales of the company L Brands decreased 37% in the quarter that ended on May 2. Most of the company’s stores have been closed since March 17 due to the coronavirus pandemic.
The news comes a day after Pier 1 Imports announced plans to close all its stores and two days after JCPenney It will reveal that it will close 242 branches as a result of its bankruptcy.
During 2020, Victoria’s Secret lost $ 300 million. Photo: AFP.
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Victoria’s Secret has 1,091 stores in the United States and 909 in Canada. The company reported that it will close 235 Victoria’s Secret stores and three Pink stores in addition to closing 13 of its 38 stores in Canadian territory.
In February L Brands had announced an agreement to sell 55% of Victoria’s Secret to Sycamore Partners, a private equity firm in New York. However, when the pandemic hit the financial world, Sycamore went to court in May and decided to withdraw from the deal. Both companies ended up canceling the transaction.
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The company reported that only in late July the stores will reopen, with more measures to ensure the safety of customers and associates.
