One model wears the Victoria's Secret Fantasy bra, and this year Elsa Hosk is the lucky woman. Keri Lumm of Buzz60 reports.
Victoria's Secret Farm 53 new stores, announced this week its parent company L Brands.
The announcement of closures comes after the closure of 30 Victoria's Secret stores in 2018, compared with an average of 15 stores a year, company officials said Thursday during a quarterly interview with analysts. .
Stuart Burgdoerfer, executive vice president and chief financial officer of the company, said the need to close stores rested "on the overall performance of Victoria's Secret business, not meeting our expectations or having a year on the year decreases. "
Closures account for about 4% of the 1,143 Victoria's Secret stores in the world. L Brands also owns Bath & Body Works.
Closure of J.C. Penney: 24 new stores close as sales drop and department stores struggle
Fill gaps: Old Navy leaves Gap, while the company has announced plans to close approximately 230 Gap stores
(Photo: L Brands)
The list of closed stores has not been published and company officials did not immediately respond to USA TODAY's request for comment on Thursday.
"We are looking at current and expected performance, sales, profits and cash flow," Burgdoerfer said during a phone interview with analysts. "We are looking at the dynamics of commercial areas and how store openings and closures affect nearby stores and, to a lesser extent, our online businesses."
L Brands will continue to invest in the Bath & Body Works White Barn concept, with approximately "200 White Barn projects planned for 2019."
Thursday was a tough day for retail. J.C. Penney announced the closing of an additional 24 stores and Gap, of approximately 230 stores, as part of his split with Old Navy.
On February 13, Coresight Research published a study on store closures in 2019 that "there was no light at the end of the tunnel." A few days after the report, Payless ShoeSource announced the closure of all its stores in the United States.
The discount shoe retailer Payless ShoeSource is about to close all of its stores when its file goes bankrupt later this month. Mercer Morrison of Veuer has history.
Payless ShoeSource: Closing and liquidation of all US stores
Are there any other store closures ?: Firm forecasts "No light at the end of the tunnel"
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