Nearly 250 Victoria’s Secret stores across Canada and the US are closing for good.
The retailer, including the Victoria’s Secret Lingerie, Victoria’s Secret Beauty, and PINK banners, have been hit hard since the beginning of the COVID-19 pandemic.
“Almost all” of the company’s stores have been closed since March 17 due to the pandemic, says an L Brands press release.
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L Brands, the retail chain’s parent company, reported sales for their first quarter this year had dropped by 37% to $1.65 billion, compared to the same period for 2019.
Victoria’s Secret sales have dropped even further by 46% in the first quarter, according to L Brands.
“Given the high level of uncertainty in the current environment, the company is not providing second quarter or full-year 2020 earnings guidance,” states the company’s press release.
L Brands is also looking into making Bath & Body Works, its other retailer, into a stand-alone business.
In the US, 235 of Victoria’s Secret store closures will take place, along with three PINK stores, while 13 of its 38 locations in Canada will shut down.