“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. In a call with analysts on Thursday, Interim Victoria’s Secret CEO Stuart Burgdoerfer said these closures were an appropriate, reported USA Today. 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 board [of Victoria's Secret] will need to be careful in charting a new course that resonates with consumers and addresses new competitive challenges such as the rise of rival brands like Aerie," said Neil Saunders, managing director of GlobalData Retail. L Brands' total company sales declined 37% in the quarter that ended May 2. Factset: FactSet Research Systems Inc.2018. View our online Press Pack. So he walks to school, First-time jobless claims drop to 787,000, The future of renewable energy could look very different under Biden, Watch the country's first firefighting robot in action, Here's what you need to know about the iPhone 12, How this former QAnon believer escaped the virtual cult. Juggernauts like J Crew, Neiman Marcus and Stage Stores also filed for bankruptcy protection after retail sales plummeted. But L Brands' first-quarter sales dropped 37%. Despite the store closures, Bath & Body Works had a strong quarter. The news comes a day after Pier 1 Imports announced plans to shutter all its remaining stores and two days after J.C. Penney unveiled it will close 242 stores as part of its bankruptcy. Saunders believes that Victoria's Secret will go through some structural changes and find its new position in the lingerie market after Wexner steps down as CEO. Although still the largest player in the lingerie industry, the brand's market share dropped to 24% in 2018, down from 31.7% in 2013, according to a women's underwear study by Coresight Research. Standard & Poor's and S&P are registered trademarks of Standard & Poor's Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. Connect with friends faster than ever with the new Facebook app. L Brands said "remains committed to establishing Bath & Body Works as a pure-play public company.". L Brands also plans to permanently close 50 Bath & Body Works stores in the U.S. and one in Canada, according to information the company posted online as part of its quarterly earnings. "We intend to thoughtfully open stores throughout the second quarter, taking steps to ensure the safety of our customers and associates, and adhering to government guidelines.". All content of the Dow Jones branded indices Copyright S&P Dow Jones Indices LLC 2018 and/or its affiliates. Comments are subject to our community guidelines, which can be viewed, Around 250 stores in the US and Canada are set to close, The big brand is the latest to suffer from the COVID onslaught, The interim CEO said more closures would follow in a call with analysts, reports said, The company's total sales declined 37 percent in the quarter that ended on May 2, The majority of their stores shut their doors on March 17 due to the crisis, Sales have tumbled during the crisis, even for big brands like Victoria Secret, The huge company would be one of many to go under during the COVID crisis, J. Victoria’s Secret is an ailing American retailer tarnished by scandal with a link to a notorious sex offender. That's approximately 25 percent of its stores. L Brands previously had an agreement with private equity firm Sycamore Partners to take the retailer private, but the firm decided to pull out of the agreement in early May citing temporary store closures sparked by the coronavirus pandemic. News peg Even before the pandemic, Victoria’s Secret was facing challenges. You have entered an incorrect email address! 1.1 million watched it, Businesses prepare for possible post-election unrest, US economy grew in Q3 but the crisis isn't over. New York (CNN Business)Victoria's Secret has struggled to keep pace with shifting consumer tastes.Five years ago, Victoria's Secret produced nearly … Aerie, a lingerie brand owned by American Eagle Outfitters, started featuring non-models in its marketing and advertised unpolished photos of women wearing its products in 2014. Out of these cookies, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. Coronavirus reopenings:Macy's plans to reopen 80 more stores for Memorial Day weekend after temporary COVID-19 closings, J.C. Penney store closings:J.C. Penney says it plans to close nearly 29% of stores – or 242 locations – as part of its bankruptcy. Broadway worker: My career of 15 years vanished overnight. 679215 Registered office: 1 London Bridge Street, London, SE1 9GF. Victoria's Secret, the troubled lingerie brand owned by L Brands, is being sold to a private equity firm in a $525 million deal. 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. Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. and its licensors. Kloss modeled for Victoria's Secret from 2011 to 2015 and is a sister-in-law of Ivanka Trump. Sen. Cruz to Twitter CEO: Who the hell elected you? Victoria’s Secret lingerie is sinking into irrelevance, Jefferies analyst Randal Konik said on Thursday after the company’s parent reported a drop in holiday sales. 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. This week, Victoria's Secret was taken private in a deal that values the brand at just $1.1 billion. Broadway worker: My career of 15 years vanished overnight, apologized for his association with Epstein. Most stock quote data provided by BATS. To see all content on The Sun, please use the Site Map. New York (CNN Business)Victoria's Secret has struggled to keep pace with shifting consumer tastes. But opting out of some of these cookies may have an effect on your browsing experience. L Brands did not announce which Victoria's Secret locations are closing. Victoria Secret's parent company, L Brands, confirmed on Thursday that it will not air its fashion show this year "to evolve the marketing of Victoria's Secret". To inquire about a licence to reproduce material, visit our Syndication site. "We expect that the majority of our stores will be open by the end of July. Aerie generated $646 million revenue in fiscal 2018, up by 6% from the previous year. But the once prime-time appointment television show was widely criticized for promoting unrealistic ideals of beauty and suffered from a shrinking audience.

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