“Over the next six months, we will continue to work toward the separation of the two businesses, proceeding down a dual track to prepare for either a spin-off or a sale,” L Brands said in a statement to CNN.Although Bath & Body Works is closing as many as 40 of its stores within malls, it will also open about 50 locations in North America this year, many of which will be standalone or off-mall locations.Mall retailers have struggled in recent years — even before the pandemic — as mall foot traffic has diminished. Gap and Macy’s have both announced plans to fully or partially exit malls.[CNN] — Sasha JonesContact Sasha Jones Share via Shortlink Email Address* Share on FacebookShare on TwitterShare on LinkedinShare via Email Share via Shortlink (Getty, iStock)Victoria’s Secret’s plans for its future are, well, not so secret.The lingerie retailer will close 30 to 50 stores in the United States and Canada this year, CNN reported. The move comes after the brand closed 241 stores in 2020.The closures will leave Victoria’s Secret with 848 stores across the two countries, down from more than 1,100 just a year ago.Its parent company, L Brands, previously made a deal with private equity firm Sycamore Partners to sell a majority stake in Victoria’s Secret and take the company private, but those plans fell through. The company, which also owns Bath & Body Works, is still exploring a sale of the lingerie brand.Read moreGap Inc. will close 350 stores and exit malls entirelyMacy’s to open smaller stores, bigger fulfillment centersPE firm to take Victoria’s Secret private as Leslie Wexner steps down Full Name* Message*
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