250 Victoria’s Secret, 50 Bath & Body Works stores to close permanently as pandemic hammers retailers

Business
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NEW YORK, NY – NOVEMBER 29: VS Angels celebrate the Victoria?s Secret Fashion Show airing December 2 (10/9c) on the ABC Television Network at the new VIP Runway Experience located in the NYC Fifth Avenue flagship store on November 29, 2018 in New York City. (Photo by Dimitrios Kambouris/Getty Images for Victoria’s Secret)

(WXIN) — Two more notable retail chains will close some stores permanently after being hit hard during the coronavirus pandemic.

L Brands, parent company of Victoria’s Secret and Bath & Body Works, will close about 300 stores in the U.S. and Canada, USA Today reported.

The company disclosed the move in an online posting about its quarterly earnings. L Brands plans to close about 250 Victoria’s Secret stores in the U.S. and Canada plus 50 Bath & Body Works locations in the U.S.

According to USA Today, L Brands’ total company sales dropped 37% in the quarter ending May 2. Almost all stores have been shut down since March 17 due to the pandemic.

It’s the latest blow to the retail sector this week. Pier 1 Imports announced plans to close its remaining stores and liquidate after failing to find a buyer. J.C. Penney said it would close more than 240 stores as part of its bankruptcy restructuring plan.

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