The parent company of Victoria’s Secret and Bath and Body Works, L Brands, has announced that they will be closing 13 of its 38 Victoria’s Secret stores in Canada and one Bath and Body Works store in Canada. In the US, 250 Victoria’s Secret and 50 Bath and Body Works stores will be closed.
Yesterday, Pier 1 announced the closing of all of its stores. Canadian retailers Reitmans and Aldo both have filed for creditor protection and have gone into restructuring. Their websites remain open for business and their ‘brick and mortar’ stores will eventually reopen as restructuring happens.
Experts expect we will see more chain businesses follow suit in this tough financial climate.