Victoria’s Secret is closing a quarter of its stores


Victoria’s Secret is permanently closing a quarter of its stores in the United States and Canada over the next few months.

Read More.

L Brands, which owns the company, said the 250 store closures might just be the start: It warned it could close more stores over the next few years. Victorias secret is closing a quarter of News Victoria's Secret is closing a quarter of its storesWMUR91 day agoIt's another blow to the beleaguered retailer just weeks after its half-billion dollar plan to go private was scrapped. There are approximately 1,100 Victoria’s Secret locations in North America.

Chief Financial Officer Stuart Burgdoerfer said in an earnings call Thursday that it was a “very significant decision” that is intended to “strengthen” Victoria’s Secret. L Brands previously had an agreement with private equity firm Sycamore Partners to take the retailer private, but the firm decided to pull out of the agreement in early May citing temporary store closures sparked by the coronavirus pandemic.

Publisher: www.msn.com
Reference: Visit Source (Read Article)

Many things are taking place:

Coronavirus Widens the Retail Divide: Macy’s Sales Fall 45%, Best Buy Slips 6%

The coronavirus pandemic is widening the divide between retailers that are drawing shoppers and those that are losing business, accelerating a split that had been playing out before the health crisis forced some chains to temporarily close stores.

Department stores and apparel retailers are feeling the most pain. Their stores were closed from mid-March through April, and while some buying shifted online, it wasn’t enough to offset the lost sales in physical locations.

logo
Publisher: WSJ
Date: 2020-05-21T17:12:00.000Z
Author: Suzanne Kapner
Twitter: @WSJ
Reference: Visit Source (Read Article)

Victoria’s Secret to close 250 stores in in the coming months

NEW YORK ‘ Late last year, Best Buy began testing curbside pickup at select stores as a way to respond to customer needs.

* * *

The pandemic accelerated the company’s plans and what was supposed to take months instead took just 48 hours, with Best Buy rolling out curbside pickup at nearly all of its 1,000 locations in late March as customers sought to minimize contagion by ordering online and pulling up to stores to collect their purchases.

That made all the difference, enabling Best Buy to retain 81% of last year’s sales in the first quarter even with its stores closed to shoppers, according to the company’s earnings release Thursday.

Publisher: WSLS
Date: 2020-05-21T12:04:30Z
Author: Anne D x27 Innocenzio Associated Press
Twitter: @WSLS
Reference: Visit Source (Read Article)

Pandemic highlights big box stores’ ability to pivot

Publisher: WPEC
Date: 2020-05-21T06:14:50+00:00
Author: ANNE D
Twitter: @http://twitter.com/cbs12
Reference: Visit Source (Read Article)

Pandemic highlights big box stores’ ability to pivot

‘There are scenarios we plan for as business leaders, and then there are events that simply do not have a playbook,’ Best Buy CEO Corie Barry told analysts Thursday. ‘This is one of those times.’

It’s the latest example of how big box stores like Best Buy as well as Target, Walmart and others were able to capitalize on their digital expertise and stay relevant during the pandemic. Victoria's Secret to close a quarter of stores across US and CanadaHarper's Bazaar14 hours agoVictoria's Secret will shut a quarter of its stores in Canada and the US in the next coming months. L Brands, the parent company ... As a result, they thrived during the fiscal first quarter.

Meanwhile, Macy’s and other mall-based clothing chains like Victoria’s Secret struggled to adapt. Victoria's Secret is closing a quarter of its stores - CNN Secret is permanently closing a quarter of its stores in the United States and Canada over the next few months. It's another blow to the beleaguered retailer just weeks after its... Macy’s sales were down 45% and the company says it could have a loss of at least $1 billion in the quarter. Victoria's Secret is closing a quarter of its stores Secret is permanently closing a quarter of its stores in the United States and Canada over the next few months. It's another blow to the beleaguered retailer just weeks after its... In contrast to Best Buy, it took Macy’s nine weeks starting in late March to introduce curbside pickup at 300 stores, or about 40% of all of its stores.

logo
Publisher: www.everythinglubbock.com
Reference: Visit Source (Read Article)

FILE: VICTORIA’S SECRET TO CLOSE A QUARTER OF ITS STORES

Publisher: WFMZ.com
Twitter: @69News
Reference: Visit Source (Read Article)

Happening on Twitter

Video