Published: Mon, March 04, 2019
Finance | By Loren Pratt

Victoria's Secret Closing More Than 50 Stores

Victoria's Secret Closing More Than 50 Stores

As a result of that decline, L Brands cut its quarterly dividend from 61 cents per share paid a year ago to just 30 cents.

Victoria's Secret is an American designer, manufacturer, and marketer of women's lingerie, womenswear, and beauty products. The company said late Wednesday that it would close 53 stores this year, citing a "decline in performance". The department-store chain said same-store sales fell 4% during the fourth quarter. W Magazine reports the show was also met with criticism after CMO Ed Razek made controversial comments about why they don't include trans or plus-size models in the show, W Magazine reports.

The impending closures are far more than the 15 stores the brand closes on average every year.

The closures come after a tough holiday period, where comparable and in-store sales slid at Victoria's Secret and Pink stores. The brand also hopes that by closing certain stores it'll drive more footfall to the larger units.

Both announcements come on the heels of a year that saw Sears file for bankruptcy, Toys "R" Us close almost all of its 800 stores after filing for bankruptcy in 2017 and Payless ShoeSource announcing its bankruptcy filing last week.

Victoria's Secret is closing stores all over North America, including 3 in Canada.

But the fate of two other local stores from national apparel brands, Victoria's Secret and Gap, remains in question as their parent companies released their own closure notices this week.

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