Victoria's Secret will close 53 stores

Victoria's Secret will close 53 stores

Victoria's Secret will close 53 stores this year as the lingerie chain continues to lose ground to the competition, which includes startups and large retailers.

As part of that, the brand announced their decision to close 53 stores in North America in 2019, following a round of 30 closures from 2018.

The announcement isn't a huge surprise considering in a recent report L Brands announced their sales were down 3 percent in 2018.

L Brands, the parent of Victoria's Secret, saw its share price fall 8 per cent after releasing disappointing results and halving its dividend payout.

Victoria's Secret is closing dozens of stores this year.

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Victoria's Secret's path to a turnaround looks challenging, too.

On Thursday morning, L Brands stock dropped 6.6 with the opening bell on Wall Street. It has plunged more than 40% in the past year.

"It's an attractive category", Burgdoefer said of the lingerie business.

The numbers say as much about what's been going on outside of Victoria's Secret as within it.

Big retailers also threaten Victoria's Secret. Target launched a new underwear brand for women on Monday, which features bras that all cost under $22. Lululemon and Walmart have also expanded their efforts in the space. Razek told the interviewer that he didn't think the company's annual fashion show should feature "transsexuals" because the show is a "fantasy". But shifting its identity could prove hard, said Janine Stichter, analyst at Jefferies. They don't have a great option. The closure in the amount of stores is historically more than three times compared to the 15 shops it shuts annually on average.

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