Two more notable retail chains will close some stores permanently after being hit hard during the coronavirus pandemic.
L Brands, parent company of Victoria’s Secret and Bath & Body Works, will close about 300 stores in the U.S. and Canada, USA Today reported.
The company disclosed the move in an online posting about its quarterly earnings. L Brands plans to close about 250 Victoria’s Secret stores in the U.S. and Canada plus 50 Bath & Body Works locations in the U.S.
According to USA Today, L Brands’ total company sales dropped 37% in the quarter ending May 2. Almost all stores have been shut down since March 17 due to the pandemic.
It’s the latest blow to the retail sector this week. Pier 1 Imports announced plans to close its remaining stores and liquidate after failing to find a buyer. J.C. Penney said it would close more than 240 stores as part of its bankruptcy restructuring plan.