Victoria’s Secret closing dozens more stores

Retailer closed 241 stores in 2020

A view of Victoria's Secret storefront closed and boarded up on Robson Street during the COVID-19 crisis on April 17, 2020 in Vancouver, Canada. All non-essential retail has been closed to slow the spread of Coronavirus (COVID-19) (Photo by Andrew Chin/Getty Images) (2020 Andrew Chin)

Victoria’s Secret is closing more stores.

Parent company L Brands announced it plans to close up to 50 locations this year in the U.S. and Canada.

That’s not nearly as severe as the 241 stores the lingerie retailer closed in 2020.

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The move comes after L Brands’ plan to spin off Victoria’s Secret fell through.

The company still plans to offload the retailer in a matter of months.

It’s investing instead in the company’s stronger brand Bath & Body Works, which will see about 50 new stores open.

That will only net the retailer a few new stores as it plans to close up to 40 locations in malls.

The new stores are almost entirely at off-mall locations, signaling retailers’ continuing lack of faith in the enclosed mall model.