Approximately 250 Victoria’s Secret stores and 50 Bath & Body Works locations are preparing for permanent closure by the end of the year. L Brands owns the franchises and announced they suffered from a sales decline of 37 percent last quarter.
However, the company has expressed their commitment and pursuit of establishing Victoria’s Secret Lingerie, Beauty and PINK businesses to operate as separate companies, as well as ensuring Bath & Body Works as a pure-play public company.
In addition, Lex Wexner, chief executive officer and chairman of the Board of L Brands, stepped down on May 14.
As of May 2, there were more than 1,000 Victoria’s Secret and PINK locations operating in North America. L Brands did not provide a list of stores they plan to shut down.