Coronavirus prompts Victoria's Secret to permanently close 250 U.S., Canada stores

Coronavirus prompts Victoria's Secret to permanently close 250 U.S., Canada stores

L Brands announced in a first-quarter earnings report that it will shutter approximately 250 Victoria's Secret and 51 Bath & Body Works stores in the United States and Canada.

Tammy Roberts Myers, L Brands' Chief Communications Officer, told NJ Advance Media that a list of store closings is not going to be released.

Victoria's Secret in its earnings statement said it had furloughed most store associates as of April 5 and reduced top management salaries by 20 percent.

L Brands also plans to permanently close 50 Bath & Body Works stores in the US and one in Canada, according to information the company posted online as part of its quarterly earnings. The Ohio retail company's sales declined by almost 40% for the first quarter of 2020. Some 50 Bath & Body Works stores are also on the chopping block this year.

The retailer, a mall staple which sells lingerie, womenswear and beauty products with 1,070 stores in North America, suffered a 46% loss in sales in the first quarter of 2020 as stores closed due to the coronoavrius pandemic and demand took a significant dip as people sheltered in place.

Coronavirus prompts Victoria's Secret to permanently close 250 U.S., Canada stores
Coronavirus prompts Victoria's Secret to permanently close 250 U.S., Canada stores

In February, L Brands announced a deal to sell 55% of Victoria's Secret to Sycamore Partners, a NY private equity firm.

There will be 50 Bath & Body Works locations closed in the US and only one in Canada.

As many physical stores remain shuttered and consumers' shopping habits change amid the pandemic, Stephens said he expects more companies to follow suit.

The company said it is working to reopen stores that have been closed because of the coronavirus.

USA Today reports total L Brands sales declines 37% in the quarter ending May 2 as nearly all locations were closed during the coronavirus pandemic.



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