Some shoppers will soon have to find a new place to buy lacy undergarments and soaps. L Brands announced Wednesday that it will close 250 Victoria’s Secret stores and 50 Bath & Body Works, USA Today reported.
The company lost 37% of its nets sales during the first quarter, with most of the stores closed due to the coronavirus pandemic.
There are currently 1,091 Victoria’s Secret stores in the U.S. and Canada, Forbes reported.
Here is the breakdown of store closings:
- 235 U.S. Victoria’s Secrets
- 3 PINK U.S. stores
- 13 of 38 Victoria’s Secret stores in Canada
There had been a deal between L Brands and Sycamore Partners, a private equity firm, to sell 55% of the stores, but the deal fell through amid the pandemic, USA Today reported.
The company hopes to reopen most of its stores that had closed due to the COVID-19 shutdown by the end of July, CNBC reported.
L Brands is still looking at making Bath & Body Works a stand-alone business, Forbes reported.
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