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Victoria's Secret will close 250 stores this year

Victoria’s Secret to close about 250 stores in the U.S. and Canada, Bath & Body Works to close 50.
Victoria's Secret

Victoria's Secret lingerie brand will close 250 stores in the U.S. and Canada after profits from the Coronavirus Pandemic declined, according to a report from brand owner L Brands. Total brand sales fell 46 percent to $821.5 million during the first fiscal quarter.

Even before the coronavirus pandemic, Victoria's Secret experienced a drop in sales. In February, L Brands announced a deal to sell a controlling stake in the brand to New York private investment company Sycamore Partners. Under the preliminary conditions, the company was to gain control of Victoria's Secret, and the remaining 45 percent of shares of L Brands would be transferred to a separate company. The brand was valued at $1.1 billion, according to sources told The Wall Street Journal, and the expected amount of the deal was $525 million. However, in April, Sycamore Partners abandoned the deal, and it did not take place.

L Brands, in addition to Victoria's Secret, owns the Pink and Bath & Body Works brands. Sycamore Partners has previously bought several manufacturers and sellers of clothing in difficult situations - Nine West, Talbots, and Hot Topic. In total, Victoria's Secret has 849 stores in North America, most of which remain closed through March due to COVID-19.

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The chain of coffee shops adapts to the realities of the post-quarantine world and focuses on drive-thrus, self-service, and delivery.
May 26, 2020, Italy:
Due to the sharp decline in interest in fashion in the midst of the pandemic, the company is abandoning the traditional calendar of shows and moving to an off-season schedule.
May 26, 2020, Germany:
The masks to protect against coronavirus are called Face Covers and are made from recycled materials.
May 25, 2020, United Kingdom:
Due to the coronavirus pandemic, more and more customers are adopting the habits of the younger generation and do not want to constantly change their wardrobe.
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