Victoria’s Secret’s parent company, L Brands, reported this Wednesday its third quarterly loss and the fourth consecutive fall in sales (-37%), after his stores closed due to the coronavirus, a blow that led him to decide to definitively close 250 stores in the United States and Canada.
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The retailer, which also owns Bath & Body Works, reported a net loss of 296.9 million compared to a gain of 40.3 million in the same period a year ago.
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Victoria’s Secret thus plans to permanently close some 250 stores in the US. and Canada in 2020, announced L Brands, which also plans to permanently close 50 Bath & Body Works stores in the same countries, according to information the company released as part of its quarterly earnings.
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The news comes a day after other retailers announced similar moves. Pier 1 Imports explained plans to close all its stores and JC Penney will definitively close 242 of its shares to emerge from bankruptcy.
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“We intend to open the stores carefully, taking steps to ensure the safety of our customers and associates., and complying with government guidelines, “said L Brands, who expects most of its stores to be open by the end of July.
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