• News
  • Business

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.

Oscars 2019: Regina King wins best supporting actress for 'Beale Street'
But one family member in Cincinnati is certain about who will win " Best Supporting Actress ". Chris Evans escorting Oscar-winner Regina King onto the stage so she doesn't trip.

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.

Leave Your Comment

Leave Your Comment


Latest News

  • Iran's Zarif signs Armenia deals, continuing duties

    Iran's Zarif signs Armenia deals, continuing duties

    The US-educated veteran diplomat helped craft the pact that curbed Iran's nuclear program in return for sanctions relief. However, it came after Zarif was not present for a meeting with Syrian President Bashar al-Assad on Monday.
    Trump attorney Michael Cohen testifies before Senate in closed-door session

    Trump attorney Michael Cohen testifies before Senate in closed-door session

    The White House has been bracing for Cohen's congressional testimony and has characterized him as a loser and a liar. Cohen also intends to reveal information about Trump's financial statements, an anonymous source told the network.
    Gemma Atkinson says Shamima Begum must NOT be allowed back in UK

    Gemma Atkinson says Shamima Begum must NOT be allowed back in UK

    Renu Begum, eldest sister of Shamima Begum , 15, holds her sister's photo as she is interviewed by the media at New Scotland Yard. Her family's lawyer, Tasnime Akunjee, said he anticipated she would face criminal proceedings upon any return to the UK.
  • Arsenal ease past Southampton and climb to fourth

    Arsenal ease past Southampton and climb to fourth

    The transfer chief is expected to hold talks with Roma president James Pallotta before making a final decision on his future. Granit Xhaka will retain his position in midfield and Matteo Guendouzi is expected to start alongside him.
    Univision Anchor Jorge Ramos and Team Detained in Venezuela During Maduro Interview

    Univision Anchor Jorge Ramos and Team Detained in Venezuela During Maduro Interview

    When they finally did have a chance to chat with Maduro, he apparently "didn't like" their questions. Coronell tweeted that he had spokmen with Ramos, who told him that he and his team had been freed.
    Ole Gunnar Solskjaer Makes Brilliant Joke At Liverpool Expense

    Ole Gunnar Solskjaer Makes Brilliant Joke At Liverpool Expense

    Solskjaer admitted after the draw that he would be surprised if Rashford plays against Crystal Palace on Wednesday. David de Gea says that Manchester United against Liverpool is "the biggest game in England".
  • North-east parents told not to panic over Momo Challenge

    North-east parents told not to panic over Momo Challenge

    But with Kardashian using her platform to get the word out, there are at least a few more parents taking precaution. The character has even reportedly cropped up on YouTube Kids, as well as WhatsApp and Fortnite streams.
    Meghan Markle's outfits from her Morocco royal tour 2019

    Meghan Markle's outfits from her Morocco royal tour 2019

    Meghan Markle is reportedly threatening to sue the Mail on Sunday for publishing a private letter that she wrote to her father. Meghan let her designer dress shine and kept her accessories simple, wearing only earrings and carrying a matching clutch.
    The famous faces at Meghan's NY  baby shower

    The famous faces at Meghan's NY baby shower

    Canadian stylist Jessica Mulroney , whose daughter Ivy was a bridesmaid at Meghan and Harry's wedding, was also there. Apparently, Meghan's journey to and from NY for the star-studded party is thought to have cost £190,000.
  • 'Liar, Pants on Fire': GOP keeps focus on Cohen, not Trump

    'Liar, Pants on Fire': GOP keeps focus on Cohen, not Trump

    The president retweeted an earlier dig at Cohen but otherwise did not offer live commentary. So when did Cohen actually lie to Congress-then or now? That's not quite what Cohen said.
    Vaccinations and the measles resurgence | Smart Talk

    Vaccinations and the measles resurgence | Smart Talk

    Measles is a highly contagious virus that spreads through the air and can linger for up to two hours in an enclosed area. The vast majority of people affected by the current outbreak were not vaccinated against the virus.
    The Galaxy Buds Are Samsung's Attempt To One Up The AirPods

    The Galaxy Buds Are Samsung's Attempt To One Up The AirPods

    That's the phones out the way, but handsets aren't all Samsung has unveiled, as we've also seen the Samsung Galaxy Watch Active . They will also offer customer support and assistance - including walk-in fix - for smartphones and other Samsung products.
  • F1 Testing, Day Three Second Test: Ferrari set fastest times of winter

    F1 Testing, Day Three Second Test: Ferrari set fastest times of winter

    Ferrari has identified a wheel rim failure as the cause of Sebastian Vettel's crash on Wednesday at the Circuit de Catalunya. Racing Point's Lance Stroll also came to a halt on the straight between Turn Nine and 10, which saw another red flag delay.
    Huawei Mate X: Price, Release Date and More

    Huawei Mate X: Price, Release Date and More

    The other differentiating factor is of course the $2,600 price-tag, which asks $600 more than the Samsung equivalent. Compared to Samsung the new Huawei's Mate X has a larger screen and when closed, the device is thinner and flatter.
    Simona Halep reaches the quarters in Dubai

    Simona Halep reaches the quarters in Dubai

    Kvitova also won a three-setter in the second round on Tuesday against fellow Czech Katerina Siniakova . Taiwan's Hsieh Su-wei saw off Belarus' Aliaksandra Sasnovich 6-1 6-2.
  • Harper urges RB Bell to 'come join' him in Philly

    Harper urges RB Bell to 'come join' him in Philly

    The deal, which is the most expensive contract any major professional sport has ever seen, includes a no-trade clause. Harper wore a headband with the D.C. flag's design, reflecting his oft-stated pride in playing for Washington.
    Almiron Shines in Home Debut as Newcastle Beats 10-Man Huddersfield

    Almiron Shines in Home Debut as Newcastle Beats 10-Man Huddersfield

    The bet which tempts me in is the 8/5 on offer about the game being goalless at half time ( under 0.5 first-half goals ). One change for Burnley as well. "It's not the priority- the priority is Huddersfield and getting the points to stay up".
    North Korean armored train enters China while Vietnam awaits Kim Jong Un

    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.

Breaking News



Recommended

Jordan, Meadows Refer Michael Cohen to DOJ For Perjury

Weisselberg has been a Trump ally for decades, dating back to when the president's father, Fred Trump, was calling the shots. Cohen's lawyers had touted his cooperation with investigators before he was sentenced to three years in prison in December.

Warmbier’s parents blame NKorea ‘evil regime’ in son’s death

Trump's statement provoked immediate criticism from human rights advocates and USA lawmakers. Trump had two hours of one-to-one talks with the North Korean leader on Wednesday.

Jordyn Woods Allegedly Hooked Up With Khloe Kardashian’s Ex James Harden Too!

Although the family didn't think that Jenner would cut Woods off at first , they're more convinced she will now. She has admitted to making out with Tristan Thompson , who was still with Khloe Kardashian at the time.

Kyler Murray NFL Combine: Height, Weight, Measurements Revealed

According to Mike Freeman of Bleacher Report, most teams have a favorable opinion of Murray and are not anxious about that. What about Murray's less-than-ideal 5-feet-10 1/8 height? Meaning Murray was not only small, but also slight.

Air Canada temporarily suspends flights to India following downed jets

At a news conference Wednesday afternoon, Ghafoor confirmed that two Indian pilots had been arrested but gave no further details. An Indian foreign ministry spokesperson said Indian planes engaged with the Pakistan aircraft and brought one of them down.

Don't stand in way of justice for abuse victims, churchgoers told

Before it started, some victims' groups said the conference was an attempt to cleanse the image of the 1.3 billion-member church. Among them was Alberto Athie of Mexico, one of the original accusers of the pedophile founder of the Legion of Christ, the Rev.

Meghan Markle's $200,000 flight home

Markle, who is in the Big Apple for a reported baby shower, will join Harry next week in Morocco from February 23 to 25. Just a few days before jet-setting to NY with her mom, Alexis was treated to a carnival-themed birthday party.

Disgruntled Tories must join us too, urges Chuka Umunna

How that would translate into seats would depend on where the votes were cast and how many Independent Group MPs were running. A by-election is forced if the petition is signed by 10% of constituents - usually around 7,000 people - within six weeks.

Brothers tied to alleged attack on Jussie Smollett meet with prosecutors, detectives

February 16-CBS 2's Charlie De Mar reports at least one of the brothers purchased the rope at the Crafty Beaver hardware store. Smollett could face charges of filing a false report if it is proven that he lied about the entire incident.

Khloe Kardashian And Her Friends Come Out Swinging Against Tristan Thompson

Allegedly, Kylie Jenner has been "in denial for days" and finding the devastating news hard to get her head around. Jordyn has yet to comment on the reports on her social media. "Jordy?! That was Kylie's bestie, her ride or die".