Some shoppers will soon have to find a new place to buy lacy undergarments and soaps. L Brands announced Wednesday that it will close 250 Victoria’s Secret stores and 50 Bath & Body Works, USA Today reported.
The company lost 37% of its nets sales during the first quarter, with most of the stores closed due to the coronavirus pandemic.
Here is the breakdown of store closings:
There are currently 1,091 Victoria’s Secret stores in the U.S. and Canada, Forbes reported.
- 235 U.S. Victoria’s Secrets
- 3 PINK U.S. stores
- 13 of 38 Victoria’s Secret stores in Canada
There had been a deal between L Brands and Sycamore Partners, a private equity firm, to sell 55% of the stores, but the deal fell through amid the pandemic, USA Today reported.
The company hopes to reopen most of its stores that had closed due to the COVID-19 shutdown by the end of July, CNBC reported.
L Brands is still looking at making Bath & Body Works a stand-alone business, Forbes reported.