Parent company L Brands announced on Thursday that it plans to close 251 stores of lingerie label Victoria’s Secret by the end of the year, or 23 percent of its stores. More closings could follow in the coming years, said Stuart Burgdoerfer, who was appointed CEO ad interim at L Brands after Leslie Wexner left, Bloomberg. The company will also close 51 stores of another brand, Bath & Body Works.
Victoria’s Secret has been facing declining sales for some time and the weeks of mandatory closure due to the corona crisis have once again sold the lingerie label a big blow. Earlier this year, there was an acquisition by investment fund Sycamore Partners, but it withdrew from the deal when the crisis allegedly violated a few important sales conditions.