Three Victoria’s Secret stores in Canada are expected to close this year as parent company L Brands looks to improve on its financial performance.
A spokesperson for the U.S.-based lingerie brand’s parent company declined to tell The Canadian Press which locations will be shuttered in Canada, but says they are part of a plan to slash 53 stores worldwide.
The impending closures are far more than the 15 stores the brand closes on average every year.
L Brands’s chief financial officer Stuart Burgdoerfer said in an earnings call Thursday that the impending closures were triggered by Victoria’s Secret “not meeting our expectations.”
Burgdoerfer says the business made the decision by analyzing current and projected performance, sales, profits, cash flows and trade dynamics.
The closures come after a tough holiday period, where comparable and in-store sales slid at Victoria’s Secret and Pink stores.
The Canadian Press