Victoria's Secret, Bath & Body Permanently Closing Stores Nationwide

Grant Boone
May 22, 2020

The parent company of Victoria's Secret and Bath & Body Works announced plans to close stores in the USA and Canada.

Investors are fans of the slimming plans: L Brands' shares are up 18% in Thursday trading.

Bath & Body Works, another L Brands retail chain, announced a 20 percent increase in sales, as consumers raced to by soap and sanitizer amid the pandemic. Nearly all of the company's stores have been closed since March 17 due to the COVID-19 pandemic.

The announcement came a day after the USA retail chain Pier 1 revealed they are going out of business and closing all 540 of its stores in the US and Canada.

The company plans to go from 33 Victoria's Secret stores in Canada at the start of this year to 23, according to a forecast in its financial documents, and reduce its PINK-brand stores, which target post-secondary women, from five to two.

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In the U.S., 235 of Victoria's Secret store closures will take place, along with three PINK stores. The brand has roughly 1,700 stores in North America.

"We intend to thoughtfully open stores throughout the second quarter, taking steps to ensure the safety of our customers and associates, and adhering to government guidelines", L Brands said. The remaining 12 store shutdowns will take place in Canada.

In February, L Brands announced a deal to sell 55% of Victoria's Secret to Sycamore Partners, a NY private equity firm. The company said the drop in sales was impacted by temporary store closings from the coronavirus pandemic.

The company expects Victoria's Secret stores will reopen by the end of July.

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