COLUMBUS (WCMH) — L Brands has announced that 250 Victoria’s Secret stores in the United States and Canada will close.
L Brands announced the closing of the stores Wednesday in their first quarter fiscal report.
CNBC reports that Victoria’s Secret saw a 46% loss in sales in the first fiscal quarter that ended May 2.
Earlier this month, Columbus-based L Brands terminated the sale of Victoria’s Secret to Sycamore Partner’s after the firm filed a lawsuit in April to get out of the deal to purchase the brand.
In addition, L Brands announced it is continuing steps to spin off the Victoria’s Secret brand as its own company.
The deal to sell the Victoria’s Secret brand was reached in February, before coronavirus forced the company’s stores to temporarily shut down.