Victoria's Secret closing 53 stores after poor holiday sales

Victoria’s Secret will close 53 stores as struggles mount

L Brands' chief market officer, Ed Razek, sparked a backlash late a year ago when he rejected the idea of using plus-size or transgender models, a position he later apologized for.

A spokesperson for the USA -based lingerie brand's parent company declined to tell The Canadian Press which locations will be shuttered in Canada, but says they are part of a plan to slash 53 stores worldwide.

The company has taken several hits over the past couple of years, with almost 30 stores shut down in 2018, Business Insider reports.

'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. Analysts had expected sales of $4.88 billion, Total sales at Victoria's Secret were $2.531 billion, down from $2.668 billion previous year.

OnePlus and Qualcomm to start 5G trials in India
Lau did not comment on by when the users can expect the improved wireless charging in OnePlus smartphones. In its current form, the device looks more like a soap bar than a 5G-connected phone.

L Brands has announced that they choose which stores to close based on a number of factors, including current and predicted performance along with local factors. Victoria's Secret still has more than 950 stores in the United States.

Longstanding retail mainstays JCPenney and Gap announced store closures Thursday as the companies' sales have dropped.

Wall Street reaction to the earnings announcement appeared negative Thursday, with shares in L Brands trading eight per cent lower at 10:30 a.m. than Wednesday's closing level. They don't have a great option. Its newest rival is Target, which is launching three size-inclusive lingerie and sleepware brands that will target women across different ethnicities, ages and body shapes.

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