I’m a San Francisco-based reporter covering breaking news at Forbes. I’ve previously reported for USA Today, Business Insider, The San Francisco Business Times and San Jose Inside. I studied journalism at Syracuse University’s S.I. Newhouse School of Public Communications and was an editor at The Daily Orange, the university’s independent student newspaper. Follow me on Twitter @rachsandl or shoot me an email [email protected].
Wednesday it will permanently close 250 Victoria’s Secret and PINK stores across the U.S. and Canada as major retailers across the world suffer because of the coronavirus pandemic.... [+]Victoria’s Secret, which has 1,091 stores in the U.S. and Canada, will close 235 U.S. Victoria’s Secret stores and three Pink stores, with the rest of the closures taking place in Canada.
L Brands, which also owns Bath & Body Works, reported that net sales during the first quarter of 2020 decreased 37% to $1.65 billion, compared to the same period last year, with almost all of the company’s stores forced to close in the final weeks of the quarter because of the coronavirus. In addition to the 250 Victoria’s Secret stores, L Brands is shuttering 50 Bath & Body Works locations.
Victoria’s Secret sales were even more dire, falling 46% to $821.5 million, while Bath & Body Works dropped 18%. The company said it will still move forward with plans to make Bath & Body Works a standalone company.
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