Victoria's Secret store closures planned in Canada, U.S.

Victoria's Secret store closures planned in Canada, U.S.

A Victoria's Secret spokesperson didn't return Advance request for comment about whether its store in the Staten Island Mall, New Springville is on its hit list. In November, the company's CEO resigned and, in December, its annual "Angel" fashion show posted the worst ratings in its history.

In recent years, sales have slipped and the brand has struggeld to resonate with shifting consumer demands. The lingerie chain now has some 957 US stores. The company closed 30 stores past year as more people turned to online shopping than malls.

L Brands has announced that they choose which stores to close based on a number of factors, including current and predicted performance along with local factors. The Columbus, Ohio company also operates Bath & Body Works.

The hard holiday period and planned store closures are the latest turmoil for the brand.

According to CNBC, L Brands executives made the announcement on a conference call Thursday while discussing the company's fourth quarter performance. Net sales were up by one per cent, at $4.85 billion, and net income decreased by one per cent to $595 million.

"The stores identified for closure either require significant capital, are minimally cash flow positive today relative to the company's overall consolidated average or represent a real estate monetization opportunity", JCPenney said in the release.

On Thursday morning, L Brands stock dropped 6.6 with the opening bell on Wall Street. He said Victoria's Secret will place a "dominant focus on the customer and on the merchandise" as it attempts to turn around its business.

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