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However, another large retail chain is closing several stores across North America this year. Victoria & # 39; s Secret announced the Bloomberg They are planning to close 53 stores in North America this year as store sales and performance fall. The announcement was made today, February 27, by L Brands Inc., owner of the lingerie retailer, according to Bloomberg.
Read too: Victoria's Secret is officially bringing back her swimsuits to Canada this year (photos)
This great move to close several venues comes after VS stores has had poor performance and sales are falling. L Brands Inc. said it is now retracting investments in the lingerie chain that was once hugely popular in North America, Bloomberg reports.
Read too: Payless Shoes will be closing nearly 250 Canadian stores due to bankruptcy
L Brands Inc. has released a quarterly profit to Victoria's Secret today on her website, and revealed that the lingerie company has seen declining profits as well as falling share prices. Some even said that the company is starting to collapse, according to In the style magazine. The company's annual profits were disappointing, according to Business Insider.
The report showed that sales of VS stores in the US and Canada in the last quarter of 2018 had fallen to $ 1,849,300 from $ 2,038,300 compared to the same period last year.
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"Given the decline in performance at Victoria's Secret, we have substantially retracted the equity investment in this business versus our history, "the company said in a commentary on profits, according to Bloomberg.
Read too: Hudson Bay closing all Home Outfitters stores in Canada, Saks Off Fifth Stores may be the next
The number of store closures by Victoria's Secret for 2019 is more than triple its annual average value. In recent years, the brand has closed an average of 15 stores per year, according to Bloomberg. For example, last year, in 2018, about 20 stores were closed, Business Insider reports.
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According BloombergVictoria & # 39; s Secret's has been struggling as a retailer for the past and is not necessarily a secret. Not only were sales hit, but the brand's reputation was also successful.
Read too: A & W unveils new breakfast sandwich plus beef across Canada
Recently, many people have hit the jail for various reasons how not to be more diverse and show more women of different forms and body types, In the style magazine reports.
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The Victoria's Secret Fashion Show 2018 had a record low number of viewers. The show attracted 3.27 million viewers, which is the smallest value since it began its race, according to W Magazine.
In the previous year in 2017, 4.98 million people tuned in to watch the show. Not only that, but the program has also been criticized by many, especially after the CMO Ed Razek has made controversial comments on why they do not include trans or plus-size models in the program, W Magazine reports.
Read too: More than 6,000 Ontario students will be suspended from school because they are not vaccinated
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However, not everything is bad news. While store sales have been steadily declining, online stores saw an 8% increase in sales in the last quarter, Bloomberg reports. The brand is also bringing back its swimwear line to online stores in the spring, which has been greeted with the thrill of many.
Victoria's Secret is not the first big retailer to close several stores across Canada this year. Several chains have filed for bankruptcy or bankruptcy lately. For example, both Payless Shoes and Home Outfitters announced last week that they were closing all stores in Canada. Town Shoes also closed all Canadian stores last month in January.
Read too: This BC School District is the first in Canada to offer free caps and absorbents to students
You can see total fourth quarter and full year earnings for the 2018 report of L Brands Inc, which was released today on its website.
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