Victoria’s Secret to permanently close 250 North American stores
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Controversial lingerie store, Victoria’s Secret announced Wednesday that they will permanently close 250 stores across Canada and the US amid the COVID-19 pandemic.
In a quarterly net sales review ending May 2nd, VS Parent company, L Brand reported a net sales of $1.654 billion, which sounds like a ton of money… until you compare it to last years net sales of $2.629 billion
Nearly all of the 849 North American Victoria’s Secret stores have all been shut down since March 17th due to the global coronavirus pandemic, which has taken a toll on several businesses worldwide.
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In addition to closing a huge fraction of its stores, the company also announced that VS and sister company PINK are to be separated from other companies under the L Brands umbrella such as Bath & Bodyworks.
According to the Business Insider, this was a decision that was actually made a while back after a deal with Sycamore Partners, a private-equity firm, to sell a majority stake in the company had fallen through.
This is pretty big news, guys. Victoria’s Secret has proven to be a bit problematic in the last few years, but we definitely didn’t expect this! As always our hearts are with the employees affected by these closures right now. This is a crappy time, but we’ll get through this! Stay safe and healthy out there, folks! The world is getting pretty crazy.
