L Brands will close 250 Victoria’s Secret stores in the U.S. and Canada, as well as 50 Bath & Body Works outlets.
The company says its underwear sales fell 37 percent last quarter, so it decided to close some of its two branded stores. “We are also taking the necessary steps to prepare Victoria
s Secret Lingerie, Victorias Secret Beauty and PINK to work as a separate company,” says L Brands.
Earlier this month it became known that the agreement on sale of Victoria`s Secret with Sycamore Partners was terminated. Les Wexner resigned as CEO and Chairman of the Board of L Brands on May 14.