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Victoria’s Secret set to permanently shutter 50 more stores


Victoria’s Secret’s wings have been clipped again.

The decades-old purveyor of women’s lingerie is permanently closing between 30 and 50 more U.S. stores this year, announced its parent company, L Brands.

The impending closures come one year after the brand shuttered 241 locations, noted CNN Business.

The retailer claims it’s still planning to move ahead to spin off its lagging Victoria’s Secret brand into a separate company later this year.

Less than a decade ago, the Victoria Secret’s Fashion Show was must-see TV for millions of fans, who would tune in to check out the latest sexy unmentionables as well as the star-studded musical guests who would rock around the runway.

In the 2010s, a who’s who of the world’s greatest supermodels, including Alessandra Ambrosio, Gigi Hadid, Candice Swanepoel and Karlie Kloss all donned wings while the likes of Rihanna, Justin Bieber, Taylor Swift and Lady Gaga performed.

But ratings nose-dived from more than 9 million viewers in 2014 to just over 3 million in 2018, prompting the cancellation of the show in 2019.

Despite the Victoria’s Secret disclosure, L Brands did have something positive to report this week.

The owner of Bath & Body Works stated that sales of soap and hand sanitizer at its stores boosted L Brands to post a record fourth quarter, according to a company statement.

“Over the next six months, we will continue to work toward the separation of the two businesses, proceeding down a dual track to prepare for either spinoff or a sale,” stated the company.

L Brands also plans to open 49 new Bath & Body Works stores in the U.S. and one in Canada, according to a company statement.

This article was originally published by STORM GIFFORD,

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