Dozens of Victoria’s Secret stores, including some in Canada, are being earmarked for closure as owner L Brands looks to shore up poor financial performance at the lingerie chain.
, which showed that adjusted operating income at Victoria’s Secret’s North American operations fell by 35 per cent in the quarter and was down by 45 per cent for the 2018 fiscal year as expenses rose while sales remained flat.
Even more closures are planned for this year, with L Brands saying that 53 of their North American stores are expected to shut their doors this year. That number includes 50 Victoria’s Secret locations in the U.S. and three in Canada. “We have not met our own expectations for overall performance, and we are intently focused on improving results,” Burgdoerfer said.
The company closed one Bath & Body Works in Canada in 2018 while opening another, and expects to open one more in Canada this year. This would leave the chain with a total of 103 stores in the country.
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