Victoria's Secret closing 53 stores after poor holiday sales

Victoria’s Secret will close 53 stores as struggles mount

Victoria’s Secret will close 53 stores as struggles mount

Though Victoria's Secret said that they normally close around 12 stores every year, last year they had to close 29 Victoria's Secret stores in the United States and one Pink location in Canada.

Slumping "in store" sales is causing the parent company to take quick action by closing 53 North American Victoria Secret stores. It has been under increased competition in recent years from such newer online and store rivals as Third Love and Aerie that emphasize more inclusive sizing, comfortable fits and body-positive imaging.

In November, the company's CEO resigned, and in December, its annual fashion show saw the worst ratings ever.

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The company's other flagship brand, Bath and Body Works, did well. The results were significantly impacted by $99.2 million in expenses related to L Brands' sale of La Senza.

According to the company website, L Brands now owns 957 stores in the U.S. Burgdoerfer credited the strong performance in part to White Barn candles into some new and existing stores. The company closed 30 stores a year ago as it tried to escape weak malls.

The company cites a decline in overall performance as the main reason for store closures. He said Victoria's Secret will place a "dominant focus on the customer and on the merchandise" as it attempts to turn around its business. L Brands' forecast for 2019 disappointed Wall Street, sending its stock down 7% in early trading Thursday.

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