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850 L Brands employees to be let go from company's home office

That makes up about 15% of the workers there.
Credit: WBNS-10TV

COLUMBUS, Ohio — L Brands announced Tuesday it is going to let go about 850 employees at its home office, or about 15% of its workers there.

The layoffs are part of an effort to cut costs by about $400 million annually.

In fiscal year 2020, about $175 million is expected to be cut.

L Brands is in the process of operating Bath & Body Works and Victoria's Secret as separate companies.

The company said net sales for the second quarter are expected to be down about 20% compared to last year.

That includes a 10% increase at Bath & Body Works and a 40% decrease at Victoria's Secret.

Second-quarter earnings for L Brands will be announced on August 19.

In a statement, CEO Andrew Meslow said, "“The Board and management remain committed to separating the Bath & Body Works and Victoria’s Secret businesses, as well as improving the profitability of the Victoria’s Secret business. During the second quarter, we made meaningful progress toward these goals. Decisions relating to our workforce are incredibly difficult and not taken lightly, but these actions are necessary to best position our company for the long-term. On behalf of the Board and management team, I’d like to extend our deepest appreciation to the impacted associates for their contributions and dedication over the years.”