Victoria's Secret closing 53 stores in 2019

by Ben Pena March 2, 2019, 0:40
Victoria's Secret closing 53 stores in 2019

The lingerie icon's parent company, L Brands, announced a 7% drop in sales over their last quarter and 40% in the past year - although the company's flagship brand, Bath and Body Works, continued to do well.

Victoria's Secret announced its plans to close 53 stores this year as women ditch the celebrity model brand for startups and superstores.

The announcement comes after the release of owner L Brands' fourth-quarter results, which revealed in-store sales were down by 7% during the holiday quarter, which resulted in a major loss.

Victoria's Secret has recently encountered criticism for its failure to adapt to consumer demand for more custom-fitted bras and inclusive advertising and messaging.

Victoria's Secret has three stores in the Fresno area: One in River Park, one at Fashion Fair mall and another at Sierra Vista Mall.

All of the closures will be in North America, and will see their actual square footage shrink by 3 per cent.

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Burgdoerfer said the company expects the store closures and other factors, including recent leadership changes and an upcoming website relaunch, to improve the performance of the company's lingerie brands in the coming year. Perhaps with that in mind, Victoria's Secret has promised the return of its popular swimwear line online next month, which was originally discontinued in 2016.

The hard holiday period and planned store closures are the latest turmoil for the brand.

L Brands stock was trading down eight percent on Thursday.

The number of planned store closures is a significant increase over recent years.

Gap, JCPenney, and Victoria's Secret announced more than 300 store closures over the course of 24 hours this week, sending a clear signal that the fallout from the retail apocalypse is far from over.

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