COLUMBUS (WCMH) – Around 250 Victoria’s Secret stores and 50 Bath & Body Works stores in the United States and Canada will close, their parent company L Brands announced in their first-quarter fiscal report Wednesday.
CNBC reported that Victoria’s Secret saw a 46% loss in sales in the first fiscal quarter that ended May 2.
Earlier this month, Columbus-based L Brands terminated the sale of Victoria’s Secret to Sycamore Partner after the firm filed a lawsuit in April to get out of the deal.
In addition, L Brands announced it is continuing steps to spin off the Victoria’s Secret brand as its own company.
The deal to sell the Victoria’s Secret brand was reached in February, before the coronavirus forced the company’s stores to temporarily shut down.
