Victoria’s Secret To Permanently Shutter 250 Stores

ABC News reports:

Victoria’s Secret is closing 250 stores in shopping centers, malls and other locations in the U.S. and Canada. This news comes as the lingerie giant continues to see a plummet in sales during the coronavirus pandemic.

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.

The company’s Bath & Body Works chain is also closing dozens of stores.