Victoria’s Secret’s plans for its future are, well, not so secret.
The lingerie retailer will close 30 to 50 stores in the United States and Canada this year, CNN reported. The move comes after the brand closed 241 stores in 2020.
The closures will leave Victoria’s Secret with 848 stores across the two countries, down from more than 1,100 just a year ago.
Its parent company, L Brands, previously made a deal with private equity firm Sycamore Partners to sell a majority stake in Victoria’s Secret and take the company private, but those plans fell through. The company, which also owns Bath & Body Works, is still exploring a sale of the lingerie brand.
“Over the next six months, we will continue to work toward the separation of the two businesses, proceeding down a dual track to prepare for either a spin-off or a sale,” L Brands said in a statement to CNN.
Although Bath & Body Works is closing as many as 40 of its stores within malls, it will also open about 50 locations in North America this year, many of which will be standalone or off-mall locations.
[CNN] — Sasha Jones