L Brands will close 250 Victoria’s Secret and PINK stores in North America this year, the company revealed Wednesday in its quarterly earnings report.
The retailer, a mall staple that sells lingerie, womenswear, and beauty products with 1,070 stores in North America, suffered a 46% loss in sales in the first quarter of 2020 as stores closed due to the coronoavrius pandemic and demand took a significant dip as people sheltered in place.
The total number of closings represents less than 25 percent of Victoria’s Secret’s store footprint.
Columbus-based L Brands, meanwhile, plans to close 51 of its over 1,700 Bath & Body Works locations this year, though it also expects to open 55 new or remodeled stores. The brand’s first-quarter sales dipped 18%, but online business jumped 85%-- the surge driven largely by increased demand for hand soaps and sanitizers. The parent company said it intends to make Bath & Body Works “a pure-play public company,” while Victoria’s Secret is spun off into a standalone business.
L Brands hasn’t announced which locations will close. There are Victoria’s Secret/PINK stores at Crocker Park, Beachwood Place, SouthPark Mall, Great Northern Mall, Great Lakes Mall, and Summit Mall.