Victoria’s Secret planning to close 53 stores this year


Victoria’s Secret is planning to close 53 stores this year, the Columbus-based parent company L Brands confirmed to 10TV Thursday.

L Brands CFO Stuart Burgdoerfer says store closures are determined by “current and projected performance, sales, profit, cash flow,” among other factors such as the stores’ effect on nearby stores and the company’s online business.

CNN reports that sales fell 7 percent during the lingerie retailer’s most recent quarter, according to L Brands.

L Brands says the company is closing more stores in North America, with 30 store closures in 2018 and an estimated 53 this year, compared to an average of 15 closures per year in the past.

A spokesperson with L Brands tells 10TV a list of the closing stores is not being released at this time.