Victoria’s Secret closing more than 50 stores this year

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Victoria’s Secret is set to close about 53 stores in 2019, according to a report from CNBC.

The report from CNBC says L Brands, which owns the lingerie company, is speeding up its plan for store closures and is scaling back on investing in new and remodeled stores. During Victoria’s Secret’s most recent quarter, sales at stores open at least a year fell seven percent, CNN reports.

During a conference call Thursday morning, company executives said that “everything is on the table” for Victoria’s Secret, CNBC says. That report also says L Brands is “evaluating every element of the brand, whether that be merchandising, pricing or format.” 

This news comes after the resignation of Victoria’s Secret’s CEO in November. In December, the annual Victoria’s Secret fashion show earned its worst ratings ever.

Victoria’s Secret currently has about 1,143 stores around the world. It’s not clear yet which stores will close.

L Brands also owns Bath and Body Works. CNBC reports that sales at those stores are still performing strongly.

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