Victoria's Secret is closing up to 10 stores in Canada by the end of the year as it spins off from L Brands
- Victoria's Secret has closed eight stores in Canada so far in 2020. A spokesperson said it has plans to close up to two more locations in the country.
- The spokesperson added that these closures were related to natural lease expirations.
- But the lingerie company has struggled in recent years and seen sales decrease.
- Earlier this month, L Brands announced a deal to sell a 55% stake in the brand to private-equity firm Sycamore Partners, taking Victoria's Secret private.
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Victoria's Secret has quietly closed eight stores in Canada this year.
A spokesperson for the brand confirmed the store closures to Business Insider and said that it expects to close up to two more locations by the end of the year.
The spokesperson said that these closures were related to natural lease expirations and that they would leave the brand with 28 Victoria's Secret stores in Canada.
The lingerie brand has struggled in recent years and seen sales gradually decrease. Earlier this month, L Brands announced that it would sell a 55% stake in Victoria's Secret to private-equity firm Sycamore Partners and take the company private.
The lingerie giant is expected to launch a major turnaround effort under new management.
L Brands longtime CEO Les Wexner also stepped down from his role after nearly six decades.
See the full list of closures below:
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