9. Victoria's Secret is closing 53 stores this year. Victoria's Secret announced Wednesday that it planned to permanently close 250 stores in the US and Canada in 2020. The company's same-store sales dropped 3% during the holiday quarter.We compiled a list of all the closures that have been confirmed so far:While Victoria's Secret has declined to provide a full list of the closing stores, the company has confirmed some planned closures to local media outlets, and it has already started shutting down some locations.Victoria's Secret plans to close 53 stores in North America this year. A leading-edge research firm focused on digital transformation. New York (CNN Business) Victoria's Secret plans to close 53 stores this year as more women desert the brand for lingerie startups and big retailers. COVID-19 is putting the future of malls in jeopardy with JCPenney, Victoria's Secret and others planning to close stores or filing for bankruptcy. For those not following the company's controversies, leadership shake-ups, and fiscal reports for the past few years, the news likely came as a shock. The lingerie brand cited a "decline in performance" as the reason for the closures, where were announced in February. Analysts were banking on Sycamore to execute a turnaround at Victoria's Secret and reposition the brand for the future after several years of sliding sales. In April 2019, it was announced that Victoria's Secret would be closing 53 stores across North America throughout the year. Starbucks : Last month Seattle-based coffee retailer Starbucks announced that it was closing approximately 200 locations across Canada as the company restructures its operations and looks to the future.
With sales declining, Victoria's Secret has announced that about a quarter of its more than 1,000 stores in the U.S. and Canada will be out of business by the end of 2020. And, interim CEO Stuart Burgdoerfer has told Wall Street analysts he expects there will be more closings in 2021 and 2022.
Sales at stores open at least a year fell … L Brands (LB), which owns the company, said the 250 store closures might just be the start: It warned it could close more stores over the next few years. The company said stood by its goal to spin off the Victoria's Secret brand — which consists of Victoria's Secret Lingerie, Victoria's Secret Beauty, and Pink — to establish it as an independent company. A leading-edge research firm focused on digital transformation.Victoria's Secret announced Wednesday that it planned to permanently close 250 stores in the US and Canada in 2020.News of these store closings came just weeks after its parent company, L Brands, confirmed that a deal to sell a majority stake in the company to the private-equity firm Sycamore Partners had fallen through. On Wednesday, L Brands announced its plans to permanently close a quarter of Victoria’s Secret and Pink stores, or around 250 locations across North America, in 2020. There are approximately 1,100 … Victoria’s Secret plans to permanently close approximately 250 stores in the U.S. and Canada in 2020, its parent company L Brands announced Wednesday.
Victoria’s Secret operates massive flagship stores in downtown Vancouver and Montreal as well as stores in malls across the country. The lingerie brand is closing stores across Florida, Ohio, Iowa, New York, Virginia, South Carolina, and Tennessee. It’s a large number that will likely put a lot of people out of work, but the lingerie giant is far from dead.