Health Care

Coronavirus prompts Victoria's Secret to permanently close 250 U.S., Canada stores

Coronavirus prompts Victoria's Secret to permanently close 250 U.S., Canada stores”

The parent company of Victoria's Secret and Bath & Body Works says hundreds of locations in Canada and the US are permanently closing as retailers struggle to stay afloat during the COVID-19 pandemic. The company says it will close 235 U.S. Victoria's Secret and three Pink stores.

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.

Investors were heartened to hear that L Brands is doubling down on its plan to separate its healthy Bath & Body Works brand - which has continued to see sales growth - from its troubled Victoria's Secret brand.

L Brands' total sales declined by 37% this quarter. Last year, Victoria's Secret shuttered dozens of stores nationwide, although none in New Jersey were affected.

"We are closely evaluating all locations, especially more vulnerable centers for risk of closure", the report said.

More news: Adam Silver Expected To 'Greenlight' Resumption Of NBA Season In June

In February, L Brands announced it meant to sell a controlling stake in Victoria's Secret to Sycamore Partners LLC, a private equity firm.

The retailer, a mall staple which sells lingerie, womenswear and beauty products with 1,070 stores in North America, suffered a 46% loss in sales in the first quarter of 2020 as stores closed due to the coronoavrius pandemic and demand took a significant dip as people sheltered in place.

L Brands also announced that 51 Bath & Body Works stores in the USA and Canada will shutter this year.

The company said it is working to reopen stores that have been closed because of the coronavirus.

Bath & Body Work's direct sales grew by 85 percent in the first quarter compared with a 15 percent decline for Victoria's Secret, the company said.

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