Victoria's Secret is permanently closing down 235 stores in the United States, the lingerie store's parent company L Brands announced in its first-quarter earnings report. The company said that sales were down 37% and reported its third straight quarterly loss.
L Brands said it was hit hard by the coronavirus pandemic as most of its stores were forced to close their doors. In the first fiscal quarter, sales at Victoria's Secret declined by 46%.
The company will also be closing 50 Bath & Body Works stores as well, but is still working to on a plan for the brand to go public.
"As part of our strategy to increase shareholder value, we remain committed to establishing Bath & Body Works as a pure-play public company, and we are taking the necessary steps to prepare the Victoria's Secret Lingerie, Victoria's Secret Beauty and PINK businesses to operate as a separate, standalone company," the company said.
L Brands said they hope most of their remaining stores will be allowed to reopen by the end of July.
"We intend to thoughtfully open stores throughout the second quarter, taking steps to ensure the safety of our customers and associates, and adhering to government guidelines," L Brands said.
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