Victoria's Secret is closing 250 stores in shopping centers, malls and other locations in the U.S. and Canada.
Leslie Wexner stepped down and sold a controlling stake of the lingerie giant to a private equity firm amid a sales slump and reported ties to Jeffrey Epstein.Victoria's Secret is closing 250 stores in shopping centers, malls and other locations in the U.S. and Canada.pandemic.
On a call with analysts, Victoria's Secret CEO Stuart Burgdoerfer said,"What we see is a somewhat smaller but substantially more profitable business with a much better foundation, and then obviously a return to growth which is what all of us are looking for." With these closures, the brand's parent company, L Brands, will eliminate 22% of the company's 1,091 stores in addition to 1.26 million square feet of real estate.
"We would expect to have a meaningful number of additional store closures beyond the 250 that we're pursuing this year, meaning there will be more in 2021 and probably a bit more in 2022," Burgdoerfer said. Bath & Body Works, another label under the mass retailer, will close 50 stores nationwide and one in Canada.
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Victoria’s Secret To Close 250 U.S. And Canadian Stores As Sales Plummet Due To The CoronavirusI’m a San Francisco-based reporter covering breaking news at Forbes. I’ve previously reported for USA Today, Business Insider, The San Francisco Business Times and San Jose Inside. I studied journalism at Syracuse University’s S.I. Newhouse School of Public Communications and was an editor at The Daily Orange, the university’s independent student newspaper. Follow me on Twitter rachsandl or shoot me an email rsandlerforbes.com.
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