L Brands plans to close roughly 53 Victoria's Secret stores this year, after mixed holiday results
L Brands shares were trading down 6 percent Thursday after saying it had plans to close roughly 53 Victoria's Secret stores in 2019, as the lingerie retailer continues to lose steam against newer rivals.
The brand, which was once known for its sexy bras, has lost out as women have switched to more comfortable bra styles and brands that seem more inclusive from the likes of American Eagle's Aerie, Third Love, Lively and Adore Me. The $7.2 billion bra category is also seeing new competition from Target, which this spring plans to launch three new lines of lingerie and sleepwear.
Victoria's Secret, which has 1,143 stores worldwide, typically closes roughly 15 stores per year. L Brands' CFO Stuart Burgdoerfer told analysts in November the company is going to"take a hard look" at its real estate"over the next several months.
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