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Victoria's Secret store closures planned in Canada, U.S.

Victoria's Secret store closures planned in Canada, U.S.

Victoria's Secret will close 53 stores located throughout North America after poor holiday sales.

According to CNN, the lingerie retailer's parent company, L Brands, announced that they would be closing as many as 53 stores this year.

In recent years, sales have slipped and the brand has struggeld to resonate with shifting consumer demands.

A drop in sales of 3 per cent over the Christmas period, combined with a fall of in-store sales by 7 per cent, meant shares in the parent company dropped by nearly 9 per cent this week. The former president of Tory Burch, John Mehas was finally installed at Victoria's Secret Lingerie this year, along with a new brand head at PINK. Perhaps Victoria's Secret can take note.

L Brands (NYSE:LB) announced its latest quarterly earnings results after hours today, posting mixed results that saw its profit top the mark, while sales were below expectations, playing a role in LB stock's declining.

"We are taking a fresh, hard look at everything in the business", Burgdoefer said of planned changes to fix Victoria's Secret.

North Korean armored train enters China while Vietnam awaits Kim Jong Un
They said the Metropole Hotel would be a backup location for the summit and Kim could possibly stay in the Melia hotel. It could take Kim at least two and a half days to travel thousands of kilometres through China by train to Vietnam.

Sales at Victoria's Secret fell 5.14 percent to $2.53 billion while same-store sales declined 3 percent in the holiday quarter, as customers move to comfortable sports bras and bralettes.

Big retailers also threaten Victoria's Secret. Lululemon and Walmart have also expanded their efforts in the space.

'People identify Victoria's Secret with what it's been for the last 20 years - very sexy and airbrushed models, ' said investment analyst Janine Stitcher.

Analyst Randal Konik of Jefferies said L Brands' banners "are not wanted anymore".

Gap announced the closure of 230 stores in a news release that projected the locations to shut down over the next two years.

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