Victoria's Secret, Bath & Body Works closing stores in Canada, US

Victoria's Secret, Bath & Body Works closing stores in Canada, U.S. as retailers struggle

Victoria's Secret, Bath & Body Works closing stores in Canada, U.S. as retailers struggle

The parent company of Victoria's Secret and Bath & Body Works says hundreds of locations in Canada and the US are permanently closing as retailers struggle to stay afloat during the COVID-19 pandemic. Last year, Victoria's Secret shuttered dozens of stores nationwide, although none in New Jersey were affected. L Brands was founded in 1963 by Leslie H. Wexner in Columbus, Ohio.

According to USA Today, the information was included in information the company posted yesterday as part of its quarterly earnings, which indicated sales were down 37 percent in the quarter that ended May 2.

In February, L Brands announced a deal to sell 55% of Victoria's Secret to Sycamore Partners, a NY private equity firm.

L Brands also announced that 51 Bath & Body Works stores in the USA and Canada will close this year.

L Brands said it is evaluating all its store locations. Nearly all of the company's stores have been closed since March 17 due to the coronavirus pandemic.

Victoria's Secret, Bath & Body Works closing stores in Canada, U.S. as retailers struggle

More store closures could happen in the coming years, Victoria's Secret interim Chief Executive Officer Stuart Burgdoerfer said on a call with analysts on Thursday. There are more than 1,000 Victoria's Secret stores in the USA and 42 in New Jersey, according to the company's website.

L Brands announcement comes days after Pier 1 Imports announced it was closing all its stores permanently, and after JC Penney announced it was filing for bankruptcy.

Almost all its stores have been closed since March 17 due to the coronavirus pandemic. "We expect that the majority of our stores will be open by the end of July".

L Brands says it's now preparing for Victoria's Secret and PINK to operate as a separate, standalone company.

May 19 Plumas COVID testing update
Statewide, officials reported 53,009 total confirmed cases of COVID-19 and a death toll of 5,060 Wednesday, May 20. A patient is considered to have recovered 21 days after a confirmed case report is provided to the county.

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