Victoria’s Secret will close 250 stores; Bath & Body Works closing 50

Victoria’s Secret will close 250 stores; Bath & Body Works closing 50

Victoria’s Secret will close 250 stores; Bath & Body Works closing 50

And even as some states move to reopen, many Americans are hesitant to go back into brick-and-mortar establishments.

A total of 250 Victoria's Secret stores across Canada and the U.S. are closing for good.

Meanwhile, U.S. company L Brands says it will close about 250 Victoria's Secret stores in Canada and the U.S. and 51 Bath and Body Works locations.

At Victoria's Secret, total sales tumbled 46% to $821.5 million.

More store closures could happen in the coming years, Victoria's Secret interim CEO Stuart Burgdoerfer said on a call with analysts yesterday. L Brands said it is now in negotiations with its landlords on further rent payments and occupancy.

L Brands also announced that 51 Bath & Body Works stores in the US and Canada will close this year.

Victoria’s Secret to close 250 stores, Bath & Body Works to close 50 locations: reports
Canada Goose lays off 125 workers

L Brands also said it was closing 50 Bath & Body Works stores, mostly in mall locations where it doesn't expect foot traffic to regain pre-pandemic normalcy. "Some of those may be that a company is carrying too much debt, that they're too reliant perhaps on physical stores, or in some cases, it's just brands that have had trouble sort of finding their positioning for years".

Canada Goose suspended the long-term outlook it initially provided in May 2019 as it did not account for the coronavirus pandemic, and reiterated its new outlook for the 2020 financial year that it noted at its last quarterly earnings in February.

Victoria's Secret closed stores due to the coronavirus pandemic on March 17.

Shares of Columbus, Ohio-based L Brands recently changed hands at $13.61, up 11.4 percent.

But L Brands' first-quarter sales dropped 37%.

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