Victoria's Secret closing 53 stores this year

Victoria's Secret

Victoria's Secret will close 53 stores

The closings come after a tough holiday period, in which comparable and in-store sales slid at Victoria's Secret and Pink stores. The results were significantly impacted by $99.2 million in expenses related to L Brands' sale of La Senza.

Critics contend Victoria's Secret is particularly out of touch in the current #MeToo climate.

Superstores like Walmart and Best Buy have been doing increased business recently, which points to a waning interest in whether millionaire models wear the brand.

The company has taken several hits over the past couple of years, with almost 30 stores shut down in 2018, Business Insider reports.

In recent years, sales have slipped and the brand has struggeld to resonate with shifting consumer demands. Burgdoerfer credited the strong performance in part to White Barn candles into some new and existing stores. The Columbus, Ohio company also operates Bath & Body Works. The chain has about 1,100 stores in the U.S.

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

"The stores identified for closure either require significant capital, are minimally cash flow positive today relative to the company's overall consolidated average or represent a real estate monetization opportunity", JCPenney said in the release.

"We are taking a fresh, hard look at everything in the business", Burgdoefer said of planned changes to fix Victoria's Secret.

"If the merchandise is special, unique, reflects fashion, has newness ... there are terrific opportunities". L Brands' forecast for 2019 disappointed Wall Street, sending its stock down 7% in early trading Thursday.

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