Victoria’s Secret plans to permanently close approximately 250 stores in the U.S. and Canada in 2020, its parent company L Brands announced Wednesday.
L Brands also plans to permanently close 50 Bath & Body Works stores in the U.S. and one in Canada, according to information the company posted online as part of its quarterly earnings. L Brands will discuss its earnings with analysts Thursday morning.
L Brands' total company sales declined 37% in the quarter that ended May 2. Almost all of the company’s stores have been closed since March 17 due to the COVID-19 pandemic.