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Victoria’s Secret closes 250 stores in the U.S. and Canada

Victoria’s Secret 250 closes its stores in malls and other locations in the U.S. and Canada.

The news followed the fact that the company continued to note a drop in sales in the period of the pandemic coronavirus. Victoria’s Secret is one of the most popular companies in the world selling lingerie, swimwear, cosmetics and accessories, but even so known the company was forced to note the drop in sales due to the global pandemic coronavirus.

At the meeting with the analyst chief Executive officer of Victoria’s Secret Stewart Burgdoerfer said: “what we see is a slightly smaller but more profitable business with the best Foundation, and, of course, a return to growth, what we expect”.

With all these closures the main brand company L Brands said that they would give up 22% of the 1,091 stores in addition to the 1.26 million square feet of real estate.

“We expect that will be closed and other stores in addition to 250, from which we give in this year, which means there will be more of closed points in 2021 and a little more in 2022”,- said Burgdoerfer.

Bath & Body Works, another brand of the retailer, will close 50 stores around the country and 1 in Canada. At L Brands noted a 37% drop in sales of the brand products during the first quarter of the year in addition to closures due to coronavirus. However, the company Bath & Body Works recorded a 20% increase in sales of soap and antibacterial sanitizer.

“We are very focused now is on strengthening the fundamentals of business to cope with the crisis and form a basis for division and growth”,- said CEO of L Brands Andrew Maslow in a statement.

In February, Victoria’s Secret was forced to sell 55% stake in new York private equity firm Sycamore Partners, but the pandemic coronavirus has led to the fact that the transaction had to be cancelled in early may.

Source:

usa.one

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