Victoria's Secret, Bath & Body Works closing stores in Canada, U.S. as retailers struggle amid pandemic shutdowns
their total company sales declined 37 per cent in the first quarter ending May 2. Almost all of their stores have been closed since March 17 in response to the pandemic.
L Brands' plan to close stores is just the latest sign of the devastating toll the health emergency is taking on retailers around the world. Other established brands have taken a hit too, such as Neiman Marcus and J. Crew, both of which filed for bankruptcy in early May. "Much as it does with human beings, it finds pre-existing conditions or underlying ailments in companies as well," he told CTV's Your Morning on Thursday. "Some of those may be that a company is carrying too much debt, that they're too reliant perhaps on physical stores, or in some cases, it's just brands that have had trouble sort of finding their positioning for years.
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