Victoria’s Secret, Bath & Body Works to Close 300 Stores
The latest news in the aftermath of the Coronavirus COVID-19 pandemic retail shutdowns comes from L Brands, owner of Victoria’s Secret and Bath & Body Works stores. Almost all of the company’s stores have been closed since March 17 due to the COVID-19 pandemic which has hit everyone hard. Wiile they have not yet released the List of Victoria’s Secret Stores closing, we will let you know when they do.
Is Victoria’s Secret Going Bankrupt?
With the COVID-19 Coronavirus pandemic quarantine, retail stores have closed their doors temporarily. Because of this, many stores are struggling to stay in business. And, some will not make it. Therefore, we expect to see many more stores close their brick & mortar stores in the future.
In February, L Brands announced a deal to sell 55% of Victoria’s Secret to Sycamore Partners, a New York private equity firm. After the pandemic struck, Sycamore went to court to back out of the deal and in early May, both parties called it off. However, they have not filed for bankruptcy.
Victoria’s Secret will shutter approximately 250 stores in US and Canada, while Bath & Body Works will close 50, according to the press release on the company’s website. Victoria’s Secret has 1,091 stores in the U.S. and Canada with 909 U.S. Victoria’s Secret stores and 144 Pink stores. There are 1,600 Bath & Body Works Stores. The company says it will close 235 U.S. Victoria’s Secret and three Pink stores. It also plans to close 13 of its 38 stores in Canada. And, more are projected to close in the next two years.
“We would expect to have a meaningful number of additional store closures beyond the 250 that we’re pursuing this year, meaning there will be more in 2021 and probably a bit more in 2022,” according to Interim Victoria’s Secret CEO Stuart Burgdoerfer.
What do Store Closings Mean to Shopping?
Victoria’s Secret and Bath and Body Works are not going out of business at this time. Therefore, coupons, discounts, gift cards and credit will be honored as always.
Will VS and BBW Recover?
Only time will tell. Our thoughts and prayers are with the employees who could be affected by stores closing as well as the people who rely on these stores for shopping.
ABOUT L BRANDS:
L Brands, through Bath & Body Works, Victoria’s Secret and PINK, is an international company. The company operates 2,897 company-owned specialty stores in the United States, Canada, the United Kingdom and Greater China, and its brands are also sold in more than 700 franchised locations worldwide. The company’s products are also available online at www.BathandBodyWorks.com and www.VictoriasSecret.com.