L Brands announced the company will permanently close approximately 250 Victoria's Secret stores in the U.S. and Canada, along with 50 Bath & Body Works locations.
The company says it saw a sales decline of 37% last quarter.
"On May 4, 2020, the company outlined its go-forward strategy to drive long-term shareholder value. As part of this strategy, the company remains committed to establishing Bath & Body Works as a pure-play public company and is taking the necessary steps to prepare the Victoria’s Secret Lingerie, Victoria’s Secret Beauty and PINK businesses to operate as a separate, standalone company,” L Brands said in an announcement.
Earlier this month, L Brands said an agreement to sell Victoria's Secret to Sycamore Partners was terminated.
Les Wexner stepped down as the Chief Executive Officers and Chairman of the Board of L Brands on May 14.
In addition, the company said they are taking the steps to prepare Victoria's Secret (Victoria’s Secret Lingerie, Victoria’s Secret Beauty and PINK) to operate as a separate, stand-alone company.
L Brands did not provide a list of stores they plan to shutter by the end of the year.