After closing nearly 250 stores in 2020, Victoria’s Secret is set to close another 30 to 50 locations this year.
Although L Brands is set to close more Victoria’s Secret store locations, the company will continue to expand its Bath & Body Works chain whilst also shifting more of these stores to off-mall locations where operating costs are lower.
L Brands is still planning to spin off Victoria’s Secret into a separate company. They hope that this will be completed by August.
The company said in a statement: “Over the next 6 months, we will continue to work towards the separation of the two businesses, proceeding down a dual track to prepare for either a spin-off or a sale. We continue to believe that we can maximize value for shareholders through a separation and look forward to communicating further details on the opportunities for both of these exceptional businesses as we get closer to the separation.”
