After its half-billion dollar plan to go private fell apart and with COVID-19 affecting sales, Victoria’s Secret has announced it will permanently close a quarter of its stores in the United States and Canada.
The parent company, L Brands have not announced any plans for the United Kingdom stores, but with the recession overshadowing the company, things may change.
In their first-quarter report, L Brands reported net sales of $1.654 billion for the first quarter ended May 2, 2020, compared to sales of $2.629 billion for the quarter ended May 4, 2019.
COVID-19 has affected nearly all L Brands’ stores.
L Brands currently stands at $15.08 on the New York Stock Exchange.