L Brands to shutter 53 Victoria's Secret stores this year | RetailTechPodcast

L Brands to shutter 53 Victoria's Secret stores this year

L Brands to shutter 53 Victoria's Secret stores this year. Same-store sales at the lingerie chain have dropped by 3 percent. L Brands is intending to close about 53 of its Victoria's Secret stores this year. The parent company for the lingerie chain is scaling back on investing in new and remodeled stores, and accelerating closure plans from its prior average of about 15 per year, according to CNBC. The closures planned for 2019 comprise about 4 percent of the 1,143 Victoria's Secret stores around the world. Victoria's Secret is currently the weakest part of L Brands' business, with same-store sales dropping by 3 percent. The brand has been losing prominence as more women switch to buying sports and so-called comfort lingerie from stores like American Eagle, Third Love and Lively. Target also plans to launch three new lines of sleepwear and lingerie this spring. Read more