Victoria’s Secret to close three Canadian stores amid global reduction

Victoria’s Secret to close three Canadian stores amid global reduction
TORONTO - Three Victoria’s Secret stores in Canada are expected to close this year as parent company L Brands looks to improve on its financial performance.

The impending closures are far more than the 15 stores the brand closes on average every year.

L Brands’s chief financial officer Stuart Burgdoerfer said in an earnings call Thursday that the impending closures were triggered by Victoria’s Secret “not meeting our expectations.”

Burgdoerfer says the business made the decision by analyzing current and projected performance, sales, profits, cash flows and trade dynamics.

The closures come after a tough holiday period, where comparable and in-store sales slid at Victoria’s Secret and Pink stores.
Read more on Toronto Star
News Topics :
Similar Articles :
Top Stories
Dozens of Victorias Secret stores, including some in Canada, are being earmarked for closure as owner L Brands looks to shore up poor financial performance at the lingerie chain. The...
In March, Victoria’s Secret aired its annual swim special, an hour long bikini bonanza starring a dozen of its supermodels. Filmed at the sun drenched paradise of St. Barts, such “angels” as Lily...
Now, as the mother of all underwear labels tries to figure out how best to keep women coming back to its lace filled stores, it’s doubling down on the sexy bras...
Things have gotten so bad at Victoria’s Secret that its parent company is tightening the purse strings, including shuttering dozens of underperforming locations. L Brands Inc., owner of the lingerie...
MONTREAL — The parent company of La Senza says it is pursuing “alternatives” for the beleaguered Canadian lingerie retailer after about a decade of ownership. News of L Brands Inc.’s...