Victoria's Secret is permanently closing 250 of its 1,070 stores in the U.S. and Canada.
Its parent company, L Brands, made the announcement while sharing its first-quarter earnings Thursday.
It reported a 37% decline in its total company sales through the beginning of May. Like other retailers, Victoria's Secret — and L Brands as a whole — has been negatively impacted by store closures amid the coronavirus pandemic.
What's more, those closures also led to the collapse of a $525 million deal with Sycamore Partners. In February, Sycamore planned to privately buy the struggling Victoria's Secret sector.
Victoria's Secret's interim CEO and CFO said it will most likely be closing more stores in 2021 and 2022. Meanwhile, the locations that are not closing are expected to reopen by the end of July.