L Brands reported mixed results for its crucial fourth quarter amid falling sales at its embattled Victoria's Secret division.
A drop in sales of 3 per cent over the Christmas period, combined with a fall of in-store sales by 7 per cent, meant shares in the parent company dropped by nearly 9 per cent this week.
The company cites a decline in overall performance as the main reason for store closures. The chain has about 1,100 stores in the U.S.
JCPenney said in a news release that it plans on closing 18 full-line stores this year, including three locations that had been announced recently, along with nine home and furniture stores.More news: Oscar celebrations at Olivia Colman's old school in Norwich
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Some of the blame for the lack of foot traffic into a Victoria Secret store is the lack of diverse styles for women of different body shapes and types. Burgdoerfer said closure decisions are made based on factors including current and projected performance, cash flow and local market factors. The Columbus, Ohio company also operates Bath & Body Works. The company closed 30 stores past year as more people turned to online shopping than malls.
"People identify Victoria's Secret with what's it been for the last 20 years - very sexy and airbrushed models", she said. The owner, L Brands, is looking to close the worst performing stores.
"If the merchandise is special, unique, reflects fashion, has newness ... there are terrific opportunities".
On Thursday morning, L Brands stock dropped 6.6 with the opening bell on Wall Street.