The Iconic Victoria’s Secret Will Shutter 250 of its Stores
The coronavirus pandemic has effected business worldwide forcing them to make tough calls that can either impact them now or in the future. Victoria Secret along with its parent company, L Brands are facing a major dilemma resulting in store closures.
The coronavirus pandemic has forced countless businesses to file for bankruptcy. Many are struggling to make ends meet and keep up with finances, resulting in drops in sales, leaving them hopeless with nowhere to turn.
The iconic Victoria’s Secret is closing down 250 stores in shopping centers and other locations in the U.S. and Canada.
Victoria’s Secret is prestigious for its women’s lingerie, fragrance, body care, accessories and athletic and loungewear. The brand is also notorious for its celebrated Angels and fashion events. Victoria Secret’s products are sold in more than 1,600 stores worldwide and online at VictoriaSecret.com
The store has continuously seen a drop in sales amid the coronavirus pandemic.
Along with its stores closures, the brand’s parent company, L Brands, will eliminate 22% of the company’s 1,091 stores along with 1.26 million square feet of real estate, according to ABC News.
Victoria Secret’s CEO Stuart Burgdoefer has indicated that there will be additional store closures in the future saying: “We would expect to have a meaningful number of additional store closures beyond the 250 that we’re pursuing this year, meaning there will be more in 2021 and probably a bit more in 2022.”
Bath & Body Works, another brand under the mass retailer is also expected to close 50 stores nationwide and one in Canada.
Although Bath & Body Works climbed 20% in soap and sanitizer sales, L Brands dropped 37% in sales across its brands during its first quarter of business amid the coronavirus pandemic, according to ABC News.
Victoria Secret shoppers expressed their concerns and frustrations on Twitter with one user saying: “#VictoriaSecret I was rooting for you, we were ALL rooting for you.”
While another person tweeted: “that’s what I’m saying they want us to buy that shit where???? Walmart? #dobetter @vsactu @VSPINK @bathbodyworks like ok u want us roaming around smelling like that bootleg perfume from urban planet? Mhmh ok.
As you can see loyal customers are not too happy about the stores closures and their clearly not having it.
With the stores closures in effect, definitely expect to see MAJOR sales. STAY TUNED!!!
Report: Juana Norales Instagram: @juana.n_
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