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.
On a call with analysts, Victoria’s Secret CEO Stuart Burgdoerfer said, “What we see is a somewhat smaller but substantially more profitable business with a much better foundation, and then obviously a return to growth which is what all of us are looking for.”
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.
Bath & Body Works, another label under the mass retailer, will close 50 stores nationwide and one in Canada.