US lingerie giant Victoria’s Secret is to shut a quarter of its stores in its home market of North America following the collapse of sales hopes.
Victoria’s Secret, owned by L Brands, will close 250 branches in the USA and Canada over the next few months and more may follow.
L Brands chief financial officer Stuart Burgdoerfer said the closures were a “very significant decision” but designed to “strengthen” Victoria’s Secret, CNN reported.
L Brands will also shut 50 Bath & Body Works stores, mainly in malls where it is anticipated than footfall will not return to pre-pandemic levels.
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