In 2020, nearly 250 Victoria’s Secret stores closed down. On Wednesday, the parent company L Brands announced the closure of 30 to 50 stores across the nation this year. The parent company plans to open 49 new Bath & Body Works stores in the U.S. and one new store in Canada. The company posted the information online showing its quarterly earnings.
Soap and hand sanitizer sale of Bath & Body Works helped the L Brands post a record fourth quarter. The retailer posted $860.3 million in profits for the three months that ended 31st January. The same quarter last year was a loss for the company. From the previous year, sales rose to $4.8 billion at 2%.
Sales foundered at Victoria’s Secret since the coronavirus pandemic began. However, the pandemic has been a bonus for Bath & Body Works. People have been hoarding soaps, sanitizers, home fragrances, and body care products throughout the pandemic.
In a statement, the company said about Bath & Body Works, “we continue to closely evaluate all locations, especially more vulnerable centers, for risk of closure.”
In 2021, major stores like Macy’s, Bed Bath & Beyond, and J.C. Penney have also announced closures.