Victoria’s Secret Closing More Than 50 Stores In North America
The parent company of lingerie company Victoria's Secret has said that it will close 53 stores across the US and Canada.
At this time, L Brands, who owns Victoria's Secret, hasn't said which stores they plan to close. Last year, the company closed 30 stores. One in Canada and the other 29 in the US.
After revealing their fourth quarter earnings from 2018, it was shown that the company fell 35% during that time, and was down a total of 45% for the 2018 fiscal year.
The Victoria's Secret Fashion Show had it's lowest ratings since becoming a holiday staple in 2001 with only 3.27 million viewers. Nielsen ratings company showed that it lost more than half of its audience in a two year period.