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As part of that profit-improvement plan, we are addressing the operating losses in our 25 U.K. stores,” said interim chief executive Stuart Burgdoerfer. "We expect that the majority of our stores will be open by the end of July.The news comes a day after Pier 1 Imports announced plans to shutter all its remaining stores and two days after J.C. Penney unveiled it will close 242 stores as part of its bankruptcy.Victoria’s Secret plans to permanently close approximately 250 stores in the U.S. and Canada in 2020, its parent company L Brands announced Wednesday.Victoria’s Secret has 1,091 stores in the U.S. and Canada with 909 U.S. Victoria’s Secret stores and 144 Pink stores. The parent company of Victoria’s Secret and Bath & Body Works announced plans to close stores in the U.S. and Canada. The retailer is also saving cash in other ways, including a plan announced this year to close about 250 Victoria’s Secret locations -- about a quarter of its U.S. stores.

Victoria's Secret plans to close 53 stores this year as more women desert the brand for lingerie startups and big retailers. Victoria’s Secret had a total of 1,091 stores in North America as of Feb. 1, 2020, including the Pink brand. Lockdown rules in the U.K. saw nonessential retail outlets shuttered in late March.“We are taking a number of actions across Victoria’s Secret and Victoria’s Secret PINK to strengthen and position the business to succeed as a separate stand-alone company. More than 10,000 stores announced closures in 2019; and UBS estimates that number will hit 75,000 by 2026. The performance “positions it to be among the strongest in the retail sector as it benefits from the strength of its categories in a Covid environment,” Roxanne Meyer, an analyst with MKM Holdings, said in a note.Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.The brands’ divergent fortunes are on display in the fiscal quarter that is almost at its end: L Brands said it expects to report Victoria’s Secret’s net sales will be down about 40% in the period, while Bath & Body Works will rise 10%. Since then, the Victoria's Secret brand has become a worldwide success. Chief Executive Officer Andrew Meslow said in a statement that management is focused on “improving the profitability of the Victoria’s Secret business” and still plans to separate the lingerie chain from the better-performing Bath & Body Works brand.A pedestrian stands next to a boarded up Victoria's Secret store on Michigan Avenue in Chicago, Illinois.The bath brand is benefiting from renewed demand for soap and hand sanitizer amid the coronavirus.

The closures are just the latest in a string of retail woes related to sagging sales and COVID shutdowns. No announcement has been made to which locations will be shuttered.The parent company of Victoria’s Secret and Bath & Body Works announced plans to close stores in the U.S. and Canada.Note to readers: if you purchase something through one of our affiliate links we may earn a commission. He said the closings would occur over the next several months and additional closings were anticipated.The company said it is working to reopen stores that have been closed because of the coronavirus.