Victoria’s Secret to close 53 stores

Victoria's Secret

The announcement comes after the release of owner L Brands' fourth-quarter results, which revealed in-store sales were down by 7% during the holiday quarter, which resulted in a major loss.

Although a change in strategy appears necessary for the survival of Victoria's Secret, which has stuck to the same marketing strategy for decades, it may not sit well with consumers.

According to the company website, L Brands now owns 957 stores in the U.S.

The company has not publicly identified which specific stores will be closed. How we go about it is we look at current and projected performance, sales, profit, cash flow.

The company operates 2,943 company-owned specialty stores in the United States, Canada, the United Kingdom and China, and its brands are also sold in more than 650 franchised locations worldwide.

The store faces competition by such newer lingerie retailers as Adore Me, which opened its first USA store in the Mall previous year.




L Brand's net sales rose to $4.85 billion for the quarter ended Feb.3, compared to $4.82 billion in the year-ago period. The chain has about 1,100 stores in the U.S.

Victoria's Secret is the latest retailer to announce store closures.

However, the company has not seen enough growth in the last quarter.

The company cites a decline in overall performance as the main reason for store closures. He said Victoria's Secret will place a "dominant focus on the customer and on the merchandise" as it attempts to turn around its business.

"If the merchandise is special, unique, reflects fashion, has newness ... there are terrific opportunities".

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