Things Get Ugly at Victoria's Secret
Layoffs and consolidation are in the works.
Victoria's Secret said Thursday it will lay off 200 employees in Columbus and New York, as part of a restructuring aimed a streamlining the business through the elimination of certain merchandise categories. As part of the restructuring, the lingerie retailer, owned by L Brands Inc. will reorganize into three business units--Victoria's Secret Lingerie, Pink and Victoria's Secret Beauty.
"We are making these changes to accelerate our growth and to strengthen the business for the long term by narrowing our focus and simplifying our operating model," said L Brands Chief Executive Leslie Wexner.
Separately, L Brands said overall March sales rose 5% to $1.03 billion, while same-store sales increased 3%. L Brands's stock price has fallen 10% this year.