L Brands announces store closures for struggling Victoria’s Secret

L Brands announces store closures for struggling Victoria’s Secret

L Brands will shut up to 53 of its Victoria’s Secret stores over the course of 2019, according to a report published by The Real Deal.

The closures represent about 4 percent of L Brands’ total Victoria’s Secret portfolio – a step up on its average of 15 shutdowns per year.

Although L Brands saw sales rise 3 percent overall over the final quarter of fiscal 2018, its Victoria’s Secret division is struggling with same-store sales down 3 percent. The Real Deal attributes this to a growing preference for athleisure-style underwear and no doubt, Victoria’s Secret’s notorious catwalk show, which is contrary to the current body positivity zeitgeist has also played a part.

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