L Brands is the latest personal care company to join the fight against coronavirus. To find out what other companies in our industry are doing to help, visit Happi's coronavirus microsite.
L Brands also announced it took out a $950 million credit facility from JPMorgan Chase to allow it to continue operations. It announced several days ago it would close all Victoria's Secret, Pink and Bath & Body Works stores in North America until March 29 as a containment measure from coronavirus and send its home office employees to work from home. L Brands is continuing to pay its 80,000 employees during the closure.
While the company has said it saw a sharp increase in demand for soaps and hand sanitizers at the outset of the outbreak, this effectively halts all sales of Victoria's Secret, its largest brand, which accounted for $6.81 billion in sales last year while Bath & Body Works accounted for $5.17 billion. But Bath & Body Works has for years been the faster growing of the two businesses.
The company has withdrawn financial guidance as it, like other retailers, waits to determine how the coronavirus pandem
Earlier this year, L Brands announced that it would be selling a 55% stake in that brandstep down