Global Retail Alliance
info@gra.world
  • Login
  • Register
  • Newsletter
  • Virtual Library
  • Choose your country
    • Australia
    • Brazil
    • China
    • Poland
    • Latin America
    • Middle East
GRAGRA
  • Home
  • Membership
    • Silver
    • Gold
    • Platinum
  • Event
  • News
  • Retail Tour
    • Our Tours
    • Europe Retail Tour
    • Retail Tour – New York
    • Retail Tour – Düsseldorf
  • Contact
  • Home
  • Membership
    • Silver
    • Gold
    • Platinum
  • Event
  • News
  • Retail Tour
    • Our Tours
    • Europe Retail Tour
    • Retail Tour – New York
    • Retail Tour – Düsseldorf
  • Contact

Retail News

  • Home
  • Retail News
  • Victoria’s Secret store closing: L Brands look to shutter 250 stores

Victoria’s Secret store closing: L Brands look to shutter 250 stores

  • Categories Retail News, Top News
  • Date May 22, 2020
  • Comments 0 comment

Victoria’s Secret plans to permanently close approximately 250 stores in the U.S. and Canada in 2020, its parent company L Brands announced Wednesday.

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

L Brands’ total company sales declined 37% in the quarter that ended May 2. Almost all of the company’s stores have been closed since March 17 due to the COVID-19 pandemic.

The news comes a day after Pier 1 Imports announced plans to shutter all its remaining stores and two days after J.C. Penney unveiled it will close 242 stores as part of its bankruptcy.

Coronavirus reopenings: Macy’s plans to reopen 80 more stores for Memorial Day weekend after temporary COVID-19 closings

J.C. Penney store closings: J.C. Penney says it plans to close nearly 29% of stores – or 242 locations – as part of its bankruptcy

Victoria’s Secret has 1,091 stores in the U.S. and Canada with 909 U.S. Victoria’s Secret stores and 144 Pink stores. The company says it will close 235 U.S. Victoria’s Secret and three Pink stores. It also plans to close 13 of its 38 stores in Canada.

Interim Victoria’s Secret CEO Stuart Burgdoerfer said in a call with analysts Thursday to discuss L Brands quarterly earnings that the store closures were an appropriate decision and could strengthen the business. He said the closings would occur over the next several months and additional closings were anticipated.

“We would expect to have a meaningful number of additional store closures beyond the 250 that we’re pursuing this year, meaning there will be more in 2021 and probably a bit more in 2022,” Burgdoerfer said.

In February, L Brands announced a deal to sell 55% of Victoria’s Secret to Sycamore Partners, a New York private equity firm. After the pandemic struck, Sycamore went to court to back out of the deal and in early May, both parties called it off.

L Brands said a news release Wednesday that it “remains committed to establishing Bath & Body Works as a pure-play public company and is taking the necessary steps to prepare the Victoria’s Secret Lingerie, Victoria’s Secret Beauty and PINK businesses to operate as a separate, standalone company.”

The company said it is working to reopen stores that have been closed because of the coronavirus.

“We intend to thoughtfully open stores throughout the second quarter, taking steps to ensure the safety of our customers and associates, and adhering to government guidelines,” L Brands said. “We expect that the majority of our stores will be open by the end of July.

Source: USA Today

Tag:coronavirus outbreak, L Brands, store closing, Victoria’s Secret

  • Share:
gsiino

Previous post

Bob Mariano has plans to create a great ‘next-gen’ grocery store
May 22, 2020

Next post

Farfetch 2020 grad programme focuses on tech and data roles
May 26, 2020

You may also like

Celine
Celine Shop-In-Shop Opening – Paris
15 March, 2023
Private-LAbels-fashion-luxury
Private labels: the future of luxury department stores?
6 March, 2023
EUROSHOP_2023_WEB-1200×857
Euroshop 2023! Top 75 Specialists & Key Highlights
4 March, 2023

Leave A Reply Cancel reply

Your email address will not be published. Required fields are marked *

Search News:

News category:

News Archive:

Last News:

Celine Shop-In-Shop Opening – Paris
15Mar2023
Private labels: the future of luxury department stores?
06Mar2023
Euroshop 2023! Top 75 Specialists & Key Highlights
04Mar2023
TOTEME Shop-in-shop in Seoul
03Mar2023
Y-3 opens its first ever store Down Under
03Mar2023

© 2022 Global Retail Alliance | info@gra.world | Privacy Policy