Victorias's Secret will permanently close 250 stores in the US and Canada as the pandemic cripples its business

• Victoria's Secret's parent company, L Brands, announced Wednesday that it will permanently close 250 stores in the US and Canada in 2020.
• L Brands reported first-quarter earnings for 2020 after the market close on Wednesday.

Victoria's Secret announced Wednesday that it plans to permanently close 250 stores in the US and Canada in 2020.

The news comes just weeks after its parent company confirmed that a deal to sell a majority stake in the company to the private-equity firm Sycamore Partners had fallen through.

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