General Victoria's Secret, Bath & Body Works closing stores in Canada, U.S. as retailers struggle

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  1. tom_mai78101

    tom_mai78101 The Helper Connoisseur / Ex-MineCraft Host Staff Member

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    TORONTO -- The parent company of Victoria's Secret and Bath & Body Works says hundreds of locations in Canada and the U.S. are permanently closing as retailers struggle to stay afloat during the COVID-19 pandemic.

    On Wednesday, L Brands announced that approximately 250 Victoria's Secret and 51 Bath & Body Works stores will close as part of their go-forward strategy to survive amid falling sales.

    According to a commentary that accompanied the company's first-quarter earnings report, 13 of its 38 Victoria's Secret stores in Canada will be closed with the remaining closures taking place in the U.S.

    There will be 50 Bath & Body Works locations closed in the U.S. and only one in Canada.

    L Brands reported their total company sales declined 37 per cent in the first quarter ending May 2. Almost all of their stores have been closed since March 17 in response to the pandemic.

    Read more here. (CTV News)

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