Victoria’s Secret permanently closing about 250 stores; Bath & Body Works shuttering 51

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On a call with analysts, Victoria's Secret CEO Stuart Burgdoerfer said, "What we see is a somewhat smaller but substantially more profitable business with a much better foundation, and then obviously a return to growth which is what all of us are looking for".

The parent company of Victoria's Secret and Bath & Body Works says hundreds of locations in Canada and the USA are permanently closing as retailers struggle to stay afloat during the COVID-19 pandemic.

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"As part of our strategy to increase shareholder value, we remain committed to establishing Bath & Body Works as a pure-play public company", L Brands said in a statement, "and we are taking the necessary steps to prepare the Victoria's Secret Lingerie, Victoria's Secret Beauty and PINK businesses to operate as a separate, standalone company". "Some of those may be that a company is carrying too much debt, that they're too reliant perhaps on physical stores, or in some cases, it's just brands that have had trouble sort of finding their positioning for years". The company reported revenue of $1.65 billion compared to $2.63 billion a year ago, with total net sales decreasing 37%. It expects its sanitizer products to grow into a $300 million business this year - up from $100 million last year.

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All of L Brands' stores in North America closed March 17 due to the coronavirus pandemic, and the company did not pay rent for April and May. The Ohio retail company's sales declined by almost 40% for the first quarter of 2020.

Shares of Columbus, Ohio-based L Brands recently changed hands at $13.61, up 11.4 percent.

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