Victoria’s Secret has plans to permanently close over 200 of its retail stores in the United States and Canada. The parent company L Brands also announced that they will also close 50 Bath And Body Works Stores.
The reason for the closures is a combination of declining sales and COVID-19 pandemic. L Brands saw over a 35% decline in sales in the second quarter of 2020. The coronavirus pandemic also has closed the doors to their retail location since March 17, 2020.
I actually like this approach by L Brands, they are making the necessary adjustments to the reality of the new normal due to this global pandemic.