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Victoria's Secret plans to close 53 stores this year | WBNS-10TV Columbus, Ohio



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Update:

Victoria's Secret plans to close 53 stores this year, confirmed Thursday the brand L Brands, based in Columbus, at 10TV.

Brands L CFO Stuart Burgdoerfer explains that store closures are determined by "current and expected performance, sales, earnings and cash flow", among other factors, including the effect of stores on stores nearby and the company's online activities.

CNN reports that sales have dropped 7% in the last quarter of the lingerie retailer, according to L Brands.

L Brands says the company will close more stores in North America, with 30 closures in 2018 and about 53 this year, compared with an average of 15 closures a year in the past.

A spokesman for L Brands informed 10TV that the list of stores being closed was not published at the moment.

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