L. Brands, the parent company of Victoria’s Secret and Bath & Body Works anounced that hundreds of locations in Canada and the U.S. are permanently closing stores.
Retailers are struggling during the COVID-19 pandemic and as a result, yesterday, the company said that about 250 Victoria’s Secret and 51 Bath & Body Works stores will close as part of their strategy going forward.
According to information from the company’s first-quarter earnings report, 13 of its 38 Victoria’s Secret stores in Canada will be closed with the remaining closures taking place in the U.S.
L Brands reported their total company sales declined 37 per cent in the first quarter ending May 2. Almost all of their stores have been closed since March 17 in response to the pandemic.
The announcement came a day after the U.S. retail chain Pier 1 revealed they are going out of business and closing all 540 of its stores in the U.S. and Canada.
Earlier this month, the Canadian footwear retailer Aldo and the Canadian fashion chain Reitmans both filed for creditor protection and went into restructuring.
As many physical stores remain shuttered and consumers’ shopping habits change amid the pandemic, experts expect more companies to follow suit.
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