Parent company to Victoria’s Secret and Bath & Body Works, L Brands Inc., are set to permanently close a total of 300 stores(VS 250 and B&BW 50) in their Northern American locations this year and it may be more.
With years of declining sales, Victoria’s Secret is set to reposition its efforts to reestablish its sub brands into independent companies and strategise physical and virtual stores per location. While Bath & Body Works remains a public company.
Closure of most physical VS stores since March 17 due to the coronavirus pandemic did not help the company either. Sycamore Partners, the supposed buyer of VS majority shares(55%), stepped back filing a lawsuit to call off the deal. Sycamore stated that the decisions executed by VS during this pandemic is in violation of their agreement. In the end, both parties reached a consensus to terminate the deal.
Confirmed lists of store locations now posted on Business Insider(see link below).