Victoria’s Secret to close 53 stores

A general view of the atmosphere at Victoria's Secret in Costa Mesa California

L Brands Inc., the parent company of Victoria's Secret, just announced they'll be shuttering doors on no less than 53 locations of the lingerie brand, citing a drop in sales and a disappointing holiday season.

Dozens of Victoria Secret stores in North America are facing foreclosure, following the lingerie chain's recent poor financial performance.

The brand has struggled in recent years - sales have slipped, and its provocative ads are being criticized by some as being tone-deaf in the era of #MeToo.

According to Bloomberg, the company stated, "Given the decline in performance at Victoria's Secret, we have substantially pulled back on capital investment in that business versus our history". The lingerie chain now has some 957 USA stores.

It is not yet known which stores will close.

The closings come after a tough holiday period, in which comparable and in-store sales slid at Victoria's Secret and Pink stores. The owner, L Brands, is looking to close the worst performing stores.

In 2018, the company closed 30 stores.

Total same-store sales, including direct and stores, increased 3%.

Net income came in at $540 million, or $1.94 per share, for the quarter, down from $664 million, or $2.33 per share a year earlier.

However, the company has not seen enough growth in the last quarter.

Gap, JCPenney, and Victoria's Secret announced more than 300 store closures over the course of 24 hours this week, sending a clear signal that the fallout from the retail apocalypse is far from over.

"If the merchandise is special, unique, reflects fashion, has newness ... there are terrific opportunities".

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