Victoria’s Secret to close 250 stores, Bath & Body Works to shutter 50

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.

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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.

Cox Media Group