Victoria's Secret to permanently close 250 stores across Canada and US

Victoria's Secret

Victoria's Secret will permanently close about 250 stores in the US and Canada this year, its parent company L Brands announced Wednesday. The company says it will close 235 U.S. Victoria's Secret and three Pink stores.

L Brands also plans to permanently close 50 Bath & Body Works stores in the USA and one in Canada, according to information the company posted online as part of its quarterly earnings.

Almost all its stores have been closed since March 17 due to the coronavirus pandemic. There are 10 Bath & Body stores in New Jersey and 1,635 stores nationwide. Most of the closures would come in the USA, with a handful of stores in Canada also closing.

According to USA Today, the information was included in information the company posted yesterday as part of its quarterly earnings, which indicated sales were down 37 percent in the quarter that ended May 2.

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.

Bath & Body Works, another L Brands retail chain, announced a 20 percent increase in sales, as consumers raced to by soap and sanitizer amid the pandemic.

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 company said the drop in sales was impacted by temporary store closings from the coronavirus pandemic.

USA Today reports total L Brands sales declines 37% in the quarter ending May 2 as nearly all locations were closed during the coronavirus pandemic. "We expect that the majority of our stores will be open by the end of July".

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