Victoria's Secret Announced The Permanent Closure Of 250 Stores, With Sales Down 46% In The First Quarter
May 27, 2020
Leave a message
Victoria's Secret will close 250 stores in the us and Canada by 2020, parent company L Brands has announced, according to media reports.
In addition, the Victoria's secret sale process has not been smooth.
A sale to Sycamore Partners fell through because of the outbreak, turning Victoria's secret into a hot potato.
L Brands announced on May 4 that it had reached an agreement with private equity firm Sycamore Partners to terminate its $525 million acquisition of Victoria's Secret.
Public filings show L Brands' sales fell 37 percent in the first quarter, the third straight quarterly loss, according to WWD. Victoria's Secret's total sales fell 46 percent.