Victoria’s Secret is closing more stores.
Parent company L Brands announced it plans to close up to 50 locations this year in the U.S. and Canada.
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That’s not nearly as severe as the 241 stores the lingerie retailer closed in 2020.
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The move comes after L Brands’ plan to spin off Victoria’s Secret fell through.
The company still plans to offload the retailer in a matter of months.
It’s investing instead in the company’s stronger brand Bath & Body Works, which will see about 50 new stores open.
That will only net the retailer a few new stores as it plans to close up to 40 locations in malls.
The new stores are almost entirely at off-mall locations, signaling retailers’ continuing lack of faith in the enclosed mall model.
