The company had been struggling with sales even before the coronavirus.
L Brands, the parent company of Victoria’s Secret and Bath & Body Works, said Tuesday it will slash 15% of its corporate workforce, making it another major retailer still reeling from the financial fallout from the coronavirus.... [+]Photo by Jonathan Brady/PA Images via Getty ImagesThe layoffs are part of a wider cost-cutting effort the company says will result in $400 million in annualized savings, $175 million of which will be achieved in fiscal year 2020.
The company expects net sales for the second quarter to be down 20% compared to last year, driven primarily by a 40% decline at Victoria’s Secret.Crucial quote "Decisions relating to our workforce are incredibly difficult and not taken lightly, but these actions are necessary to best position our company for the long-term," L Brands CEO Andrew Meslow said in a statement.Coronavirus closures have taken its toll on big-name apparel retailers.
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