Victoria's Secret, Bath & Body Works closing stores in Canada, US

Victoria's Secret

Meanwhile, U.S. company L Brands says it will close about 250 Victoria's Secret stores in Canada and the U.S. and 51 Bath and Body Works locations.

L Brands will hold an earnings call with analysts Thursday morning.

The total number of closings represents less than 25 percent of Victoria's Secret's store footprint.

L Brands, the retail chain's parent company, reported sales for their first quarter this year had dropped by 37% to $1.65 billion, compared to the same period for 2019.

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

L Brands announcement comes days after Pier 1 Imports announced it was closing all its stores permanently, and after JC Penney announced it was filing for bankruptcy. There are now 1,635 stores in the U.S.

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.

All of L Brands' stores in North America closed March 17 due to the coronavirus pandemic, and the company did not pay rent for April and May. It also plans to close 13 of its 38 stores in Canada. Almost all of its stores in the US closed in March and those that will reopen are not expected to open until July.

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

The company expects Victoria's Secret stores will reopen by the end of July.

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