Monday, April 12, 2021
Protect Your Immune System Today!
Home U.S Victoria's Secret is closing up to 50 more stores this year

Victoria’s Secret is closing up to 50 more stores this year

The reduction comes after it closed 241 stores in 2020, leaving it with 848 stores across the two countries. This time a year ago, it had more than 1,100 locations.
L Brands warned last year that it would close more Victoria’s Secret locations, leaving the beleaguered lingerie retailer’s future murky after plans to spin it off fell through. L Brands still plans to offload Victoria’s Secret.

“Over the next six months, we will continue to work toward the separation of the two businesses, proceeding down a dual track to prepare for either a spin-off or a sale,” the company said in a statement.

L Brands’ stronger brand, Bath & Body Works, is expanding with the opening of about 50 stores in North America. The company said that its future will be “almost entirely” at off-mall locations and it will close 20 to 40 locations in malls. Its total store count of 1,736 in the US and Canada remains about even compared to last year.

Shares of L Brands (LB) rose slightly in premarket trading following its earnings report late Wednesday. Its fourth-quarter earnings topped analysts expectations, with strong sales at Bath & Body Works offsetting same-store declines at Victoria’s Secret.



Source link

LEAVE A REPLY

Please enter your comment!
Please enter your name here

- Advertisment -

Most Popular

Biden starts infrastructure push by meeting bipartisan group of lawmakers who could help shape $2 trillion proposal

The lawmakers in Monday's meeting are not the names usually associated with Oval Office meetings on major legislative initiatives -- no members of...

How American Airlines pulls planes from pandemic storage

Tulsa, Oklahoma (CNN) — Roger Steele's mission is preparing a plane for your summer vacation.Steele, an assistant manager at American Airlines' largest maintenance...

American Airlines prepares for summer travel demand surge – CNN Video

American Airlines is preparing to return many of its plans to the skies in anticipation of a summer travel surge. CNN's Pete Muntean...

Powell tells ’60 Minutes’ that US economy is at an ‘inflection point’

Powell made the comments during an interview on CBS News' "60 Minutes." In the interview, Powell provided a rosier economic outlook, in contrast...

Recent Comments