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Victoria’s Secret will close up to 50 stores this year, parent company L Brands said on Wednesday.
The lingerie retailer will permanently close 30 to 50 stores in the United States and Canada in 2021, after 241 stores closed in 2020. By the end of this year, Victoria’s Secret could have fewer than 800 stores, up from 1,100 at the start of 2020., according to CNN.
USA Today reports that L Brands also plans to open 49 new Bath & Body Works stores in the United States and one in Canada, according to its most recent quarterly results. The new locations will be “almost entirely out of shopping centers”, while up to 40 shopping centers will close; its total number of stores remains approximately 1,736 in the United States and Canada.
L Brands did not say which locations would close when.
Victoria’s Secret currently has 47 locations in New York State, including Pink stores, with stores in Syracuse’s Destiny USA, Albany’s Crossgates Mall, Buffalo’s Walden Galleria, and Eastview Mall near Rochester. Bath & Body Works has locations in the same malls, as well as additional stores in places like the Great Northern Mall and The Shops at Ithaca Mall.
L Brands also plans to split Victoria’s Secret, which has struggled in recent years, into a separate company over the next six months. The New York Times reports that Goldman Sachs will soon begin formally presenting to buyout companies about a possible takeover.
“Over the next six months, we will continue to work on the separation of the two companies, following a dual track to prepare for a spin-off or sale,” the company said in a statement.
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