Victoria’s Secret is closing up to 50 more stores this year

Victoria’s Secret is closing more stores.

Its parent company, L Brands, announced it plans to close up to 50 locations this year in the U.S. and Canada.

That’s not nearly as severe as the 241 stores the lingerie retailer closed in 2020, CNN reported.

Victoria's Secret is closing up to 50 more stores this year

The move comes after L Brands’ plan to spin off Victoria’s Secret fell through.

The company still plans to offload the retailer in a matter of months.

It’s investing instead in the company’s stronger brand — Bath & Body Works — which will see about 50 new stores open.

That will only net the retailer a few new stores, as it plans to close up to 40 locations in malls.

The new stores are almost entirely at off-mall locations, signaling retailers’ continuing lack of faith in the enclosed mall model.

Sourceabc7

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