TL;DR Victoria's Secret is closing stores all over North America, including 3 in Canada.
"We are closing more stores ... based on the overall performance of the Victoria's Secret business not meeting our expectations", L Brands chief financial officer Stuart Burgdoerfer told analysts Thursday, adding that the company typically averages about 15 store closures per year.
Gap, JCPenney, and Victoria's Secret announced more than 300 store closures over the course of 24 hours this week. The company closed 30 stores previous year as more people turned to online shopping than malls.
All of the closures will be in North America, and will see their actual square footage shrink by 3 per cent.
In addition to the increase in closures, L Brands says it has "substantially pulled back on capital investment" at Victoria's Secret stores.
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"People identify Victoria's Secret with what's it been for the last 20 years - very sexy and airbrushed models", she said.
Victoria's Secret's path to a turnaround looks challenging, too.
L Brands operates 2,943 company-owned specialty stores in the United States, Canada, the United Kingdom and Greater China.
The brand has struggled in recent years and increasingly been accused of losing relevance among shoppers as its oversexualized ads and racy runway shows have failed to resonate in the era of #MeToo.
The company did not rule out ending the fashion show or using more inclusive marketing.
The locations of the stores expected to close were not released.