It closed almost 250 stores in 2020, and L brands is planning an additional closure of 50 stores for Victoria’s Secret this year.
The move comes as the company announces plan to open 49 new Bath & Body Works stores in the U.S. as well as one in Canada. Sales of soap and hand sanitizer helped drive L brands to post a record fourth quarter. Shares of L Brands (LB) traded higher in Thursday’s lat morning session, up 2.21% at 52.79.
Meanwhile, the retailer says it still aims to spin off its Victoria’s Secret brand into a separate company within the next six months. Goldman Sachs is expected to begin pitching private equity firms about a potential takeover, according to a report in the New York Times.