L Brands will permanently close about 250 Victoria’s Secret and 50 Bath & Body Works stores. Most had been closed due to the coronavirus pandemic.
Victoria’s Secret plans to permanently close approximately 250 stores in the U.S. and Canada in 2020, its parent company L Brands announced Wednesday.
L Brands' total company sales declined 37% in the quarter that ended May 2. Almost all of the company’s stores have been closed since March 17 due to the COVID-19 pandemic. Coronavirus reopenings: Macy's plans to reopen 80 more stores for Memorial Day weekend after temporary COVID-19 closings 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.Interim Victoria’s Secret CEO Stuart Burgdoerfer said in a call with analysts Thursday to discuss L Brands quarterly earnings that the store closures were an appropriate decision and could strengthen the business.
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