Save my name, email, and website in this browser for the next time I comment. Victoria's Secret announced to Bloomberg that they are planning on closing down 53 stores in North America this year as sales and store performances decline.The announcement was made today on February 27 by L Brands Inc., which owns the lingerie retailer, according to Bloomberg. Engage in respectful discussions on the U.S. election on our dedicated Facebook page, Use of this Website assumes acceptance of Terms & Conditions and Privacy Policy, Published Thursday, May 21, 2020 8:48AM EDT, Ontario will enter strict lockdown on Dec. 26, Stream CTV News Channel for breaking news updates, Newsletter sign-up: Get The COVID-19 Brief sent to your inbox, Feds roll out loans for big firms, rent aid as economic reopening brings new challenges, Pier 1 to go out of business and close all 540 stores, Battered by impact of COVID-19, Canadian fashion retailer Reitmans seeks protection from creditors, Walmart becomes a lifeline, U.S. online sales jump 74 per cent, JC Penney plans to close more than 240 stores, Footwear retailer Aldo files for creditor protection, plans to restructure, Neiman Marcus becomes 2nd major retailer to seek Chapter 11, High-flying Tesla joins S&P 500; skeptics say buyer beware, North American stock markets down in late-morning trading, oil and loonie fall, Air Canada suspends flights between Canada, U.K. after warning about new virus strain, EU-U.K. trade talks slog on past another Brexit deadline, Canopy Growth signs deal valued at $297M to give up stake in Canopy Rivers, Chapman's Ice Cream offers to help store COVID-19 vaccines in freezers, Ont. You have entered an incorrect email address! As many physical stores remain shuttered and consumers' shopping habits change amid the pandemic, Stephens said he expects more companies to follow suit. Victoria's Secret is closing 53 stores this year. Products range from gourmet snacks to complete meals, including pizza from his restaurant Giulietta Pizzeria. A spokesperson said it has plans to close up to two more locations in the country. Rob Walker, Senior Vice President/Partner with Colliers International, who specializes in retail, said Victoria’s Secret has closed about 55 stores in North America but it’s less than five per cent of its total stores. Is Victoria’s Secret going out of business? "Some of those may be that a company is carrying too much debt, that they're too reliant perhaps on physical stores, or in some cases, it's just brands that have had trouble sort of finding their positioning for years.". Within its Victoria's Secret lingerie division, sales fell 39% in the U.S. and Canada to $977.5 million. Shop the selection of sale and clearance styles today! “Beauty now is any sexual orientation, any colour, any size, any weight, anything. Victoria’s Secret, which operates 1,091 stores in the US and Canada, said it will close 235 US Victoria’s Secret and three Pink stores along with 13 of its 38 Canadian shops. The CF Market Mall Victoria’s Secret location, which was about 14,200 square feet, closed at the end of January. With sales declining, Victoria's Secret has announced that about a quarter of its more than 1,000 stores in the U.S. and Canada will be out of business by the end of 2020. Alberta is a hot spot for intimate apparel retailing with just under 300,000 square feet of lingerie focused retail space spread over 91 stores ranging from local independents to national and international chains not including the lingerie departments in the major department stores.”. Victoria's Secret is permanently closing a quarter of its stores in the United States and Canada over the next few months. The content on this website is protected by the copyrights of Retail Insider Media Ltd. or the copyrights of third parties and used by agreement. Writer. It’s as simple as that,” said Walker. The costs have escalated, and those property taxes are having a devastating effect on the retail industry. The news comes after the company announced that 250 of its Victoria’s Secret stores would close in the U.S. and Canada.