Victoria’s Secret said it will close 251 stores in North America by the end of this year. That’s roughly 23 percent of its stops.
L Brands said it also will shutter about 50 Bath and Body Works venues.
More store closures could happen in the coming years, Victoria’s Secret interim CEO Stuart Burgdoerfer said on a call with analysts on Thursday.
Burgdoerfer also said that L Brands expects Victoria’s Secret stores will reopen by the end of July.
L Brands had been in talks earlier this year to sell 55 percent of Victoria’s Secret to New York-based private equity company Sycamore Partners. But the deal was called off once the pandemic took hold.
The company faced scandles in the recent years, over allegations of complaints about a former executive, Ed Razek, toward the company’s models, and Jeffrey Epstein, a convicted sex offender who died in prison.