The lingerie brand cited a "decline in performance" as the reason for the closures, where were announced in February. Victoria's Secret is permanently closing a quarter of its stores in the United States and Canada over the next few months. The closings announcement comes after 30 Victoria's Secret stores …
“We look at trade area dynamics and how store openings and closings affect nearby stores and to a lesser extent, our online business.”A list of the closing stores was not released, and company officials did not immediately respond to USA TODAY's request for comment Thursday.L Brands will continue to invest in Bath & Body Works' White Barn concept, the company said, with "about 200 White Barn projects planned for 2019. J.C. Penney announced it would close 24 more stores and Gap said it would close roughly 230 stores as it plans to split from Old Navy.Victoria's Secret is closing 53 more stores, its parent company L Brands announced this week.The closings announcement comes after 30 Victoria's Secret stores closed in 2018 compared with the average of 15 stores a year, company officials said during a quarterly earnings call with analysts Thursday. Victoria's Secret is closing 53 stores this year. For those not following the company's controversies, leadership shake-ups, and fiscal reports for the past few years, the news likely came as a shock.After all, the lingerie brand has been the number one of its kind for years. Victoria's Secret is closing 53 more stores, its parent company L Brands announced this week.
Victoria's Secret, a popular women's lingerie retailer, has 1,091 stores in the United States and Canada.
L Brands also owns Bath & Body Works.“How we go about it is we look at current and projected performance, sales, profit, cash flow,” Burgdoerfer said in the call with analysts.
"On Feb. 13, Coresight Research released an outlook of 2019 store closures that said there was "no light at the end of the tunnel."
Days after the report, Payless ShoeSource announced it would close all of its U.S. stores.Thursday was a tough day for retail. During L Brands' earnings call Thursday, Stuart Burgdoerfer, the company's executive vice president and chief financial officer, said the need to close stores was "based on the overall performance of the Victoria's Secret business, not meeting our expectations or having year-on-year declines. In April 2019, it was announced that Victoria's Secret would be closing 53 stores across North America throughout the year. "The closings make up about 4 percent of the company's 1,143 Victoria's Secret stores worldwide.
The lingerie brand is closing stores across Florida, Ohio, Iowa, New York, Virginia, South Carolina, and Tennessee.
L Brands said it will close 235 U.S. Victoria's Secret and three Pink stores. The company's same-store sales dropped 3% during the holiday quarter.We compiled a list of all the closures that have been confirmed so far:While Victoria's Secret has declined to provide a full list of the closing stores, the company has confirmed some planned closures to local media outlets, and it has already started shutting down some locations.Victoria's Secret plans to close 53 stores in North America this year. A leading-edge research firm focused on digital transformation.
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