(Gray News) – The parent company of Victoria's Secret and Bath & Body Works will close some 300 locations across North America.
Victoria's Secret closed stores due to the coronavirus pandemic on March 17. (Source: RW/MediaPunch /IPX/MediaPunch)
L Brands announced in a first-quarter earnings report that it will shutter approximately 250 Victoria’s Secret and 51 Bath & Body Works stores in the United States and Canada.
“We are closely evaluating all locations, especially more vulnerable centers for risk of closure,” the report said.
“We are also actively evaluating strategic alternatives to reduce or eliminate losses in the U.K. and China.”
During the first quarter that ended May 2, L Brands sales dropped 37%.
Nearly all its stores have been closed since March 17 due to the coronavirus pandemic.
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