Victoria's Secret is closing almost a quarter of its North American stores network as the lingerie chain grapples with changing consumer tastes and financial challenges.
Parent company L Brands said in its earnings report that it will close 251 stores by the end of this year, accounting for about 23pc of its domestic locations.
More store closures could happen in the coming years, Victoria's Secret interim CEO Stuart Burgdoerfer said on a call with analysts yesterday.
L Brands is also set to close 51 stores of its other brand, Bath & Body Works.
The company expects Victoria's Secret stores will reopen by the end of July. Its shares rose as much as 18pc in New York trading, based on strong results at Bath & Body Works.
Victoria's Secret joins retailer JC Penney which said on Monday it would close more than a quarter of its stores.