The lingerie icon's parent company, L Brands, announced a 7% drop in sales over their last quarter and 40% in the previous year - although the company's flagship brand, Bath and Body Works, continued to do well.
The announcement comes after the release of owner L Brands' fourth-quarter results, which revealed in-store sales were down by 7% during the holiday quarter, which resulted in a major loss.
"Given the decline in performance at Victoria's Secret, we have substantially pulled back on capital investment in that business versus our history, " L Brands said in written earnings commentary.
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According to the company website, L Brands now owns 957 stores in the U.S.
The company has not publicly identified which specific stores will be closed.
Critics contend Victoria's Secret is particularly out of touch in the current #MeToo climate.
"We have not met our own expectations for overall performance, and we are intently focused on improving results", Burgdoerfer said.
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The impending closings are far more than the 15 stores the brand closes on average every year. This would leave the chain with a total of 103 stores in the country.
However, the company has not seen enough growth in the last quarter.
The numbers say as much about what's been going on outside of Victoria's Secret as within it. "That's what it is", he said in the interview.
L Brands Inc., owner of the lingerie chain, announced Wednesday that Victoria's Secret's USA brick and mortar square footage will decrease by about 3 percent.
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