Renowned lingerie giant, Victoria Secret is closing 53 stores over low patronage.
It’s parent company L Brands announced the closure this week.
During L Brands’ earnings call Thursday, Stuart Burgdoerfer, the company’s executive vice president and chief financial officer, said the need to close stores was
“based on the overall performance of the Victoria’s Secret business, not meeting our expectations or having year-on-year declines.”
The closings announcement comes after 30 Victoria’s Secret stores closed in 2018 compared with the average of 15 stores a year, company officials said during a quarterly earnings call with analysts Thursday.
The company has 1,143 Victoria’s Secret stores worldwide.