Victoria's Secret Closing More Than 50 Stores

Victoria’s Secret to shutter 53 stores in North America

Victoria's Secret To Close Another 53 Stores This Year

Another factor is Victoria's Secret has been marketing with coupons which cuts into the profits. Founded in 1977 as a response to packaged underwear, which the company's founder considered to be "ugly, floral-print nylon nightgowns". According to The Wall Street Journal, quarterly same-store sales in the last two years raised only once.

The brand, which was once known for its sexy bras, has lost out as women have switched to more comfortable bra styles and brands that seem more inclusive from the likes of American Eagle's Aerie, Third Love, Lively and Adore Me.

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The closures come after a tough holiday period, where comparable and in-store sales slid at Victoria's Secret and Pink stores.

These announcements will bring the number of planned store closures this year to almost 4,500, not counting the unknown number of Tesla closings.

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Victoria's Secret will be closing 53 stores according to its parent company L Brands, which also owns Bath & Body Works.

With the store closures, Victoria's Secret will lose about 3 percent of its square footage in North America. The company also said it would spin off its Old Navy brand.

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Both announcements come on the heels of a year that saw Sears file for bankruptcy, Toys "R" Us close almost all of its 800 stores after filing for bankruptcy in 2017 and Payless ShoeSource announcing its bankruptcy filing last week. "If this was a big, bold effort to reinvigorate the brand, they would have announced they were closing hundreds of stores and investing in an outstanding experience at their other locations", Phibbs told FOX Business. We'll keep you posted.

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