Victoria’s Secret Closing Over 200 Stores | Bath & Body Works Closing 50 Stores
Hip2Save may earn a small commission via affiliate links in this post. Read our full disclosure policy here.
Victoria’s Secret has announced that it is planning to permanently close 250 stores in the US and Canada this year, and financial experts worry that this is just the beginning for the struggling lingerie retailer.
L Brands, the parent company which also owns Bath & Body Works, made the announcement yesterday along with disappointing first-quarter results.
Victoria’s Secret currently has over 1,000 locations (including PINK stores) in North America and the majority of these locations have remained closed since the coronavirus pandemic hit the US in March.
After years of disappointing sales, coronavirus-related store closures and missed rent payments during the pandemic are being cited as the final blow that led to this decision.
Despite Bath & Body Works faring somewhat better (thanks in part to a surge in demand for soap and hand sanitizer), the fragrance retailer is expected to close around 50 of its locations too.
Moving forward, L Brands hopes to insulate Bath & Body Works from some of the struggles experienced by Victoria’s Secret by having it become a “pure-play public company.” Victoria’s Secret will operate as a separate stand-alone business.
There’s no news on which locations will be closing yet, but we will continue to provide updates on this story as new details are released!