Victoria’s Secret to close dozens more stores


Victoria’s Secret to close dozens more stores
The move to close more stores comes after L Brands' plan to spin off Vitoria's Secret fell through. (Source: CNN Newsource)
By CNN Staff | February 25, 2021 at 12:08 PM CST - Updated February 25 at 1:03 PM

(CNN) - Up to 50 Victoria’s Secret store locations will close this year in the U.S. and Canada, according to the retailer’s parent company L Brands, Inc.

The move is not nearly as severe as the 241 stores the lingerie retailer closed in 2020.

It comes after L Brands’ plan to spin off Victoria’s Secret fell through. The company still wants to offload the retailer in a matter of months.

It’s investing instead in the company’s stronger brand, Bath and Body Works, which will see about 50 new stores open. That will only net the retailer a few new stores, as it plans to close up to 40 locations in malls.

The new stores are almost entirely at off-mall locations, signaling retailers’ continuing lack of faith in the enclosed mall model.

Copyright 2021 CNN Newsource. All rights reserved.