Victoria's Secret To Close About 250 Stores In US, Canada

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Victorias's Secret will permanently close 250 stores in the United States and Canada this year as the COVID-19 pandemic cripples its business, its parent L Brands announced recently. L Brands also plans to permanently close 50 Bath & Body Works stores in the United States and one in Canada, the company said in its quarterly earnings information online.

US fashion retailer L Brands discussed its earnings with analysts yesterday.

L Brands' total company sales declined by 37 per cent to $1.65 billion in the quarter that ended on May 2. Almost all of the company’s stores have been closed since March 17 due to the pandemic.

Victoria’s Secret sales fell by 46 per cent to $821.5 million, while that of Bath & Body Works dropped by 18 per cent.

L Brands said it will still move forward with plans to make Bath & Body Works a standalone company, according to US media reports.