Clipped wings: Victoria’s Secret to close 250 stores

Victoria’s Secret will close 250 of its stores across the United States and Canada.

Victoria’s Secret Fashion Show 2014 at Earls Court Exhibition Center in London.

The news was made by brand’s parent company, L Brands, in its quarterly report yesterday.

L Brands recorded net sales of US$1.654 billion for the quarter ended May 2, down 37 per cent when compared to US$2.629 billion for the same period last year.

Individually, Victoria’s Secret saw its sales plummet 46 per cent to US$821.5 million. However, the brand has seen its sales tumble for some time now.

Victoria’s Secret will close 250 of its stores across the US and Canada. (Photo: forbes.com)

The once-coveted lingerie and women’s wear brand has struggled to retain relevance as online shopping grew and more inclusive brands come to market. Criticisms that it has been “one-note” in its interpretation of sexy have seen its enviable pole position eroded by Rihanna’s Savage X Fenty and other competitors who have wider appeal.

Other once booming retailers have faced similar fates, forced to downsize, close stores or file for bankruptcy as the COVID-19 virus forced people out of malls and online, where few have managed to find success.

JCPenney has filed for bankruptcy and announced the closure of 240 stores, while Neiman Marcus and J.Crew both filed for bankruptcy protection earlier this month.