Thursday, May 21, 2020

Clothing stores hit hardest

Keith Griffiths reports in the Daily Mail,
Victoria's Secret will close 250 stores in the U.S. and Canada, parent company L Brands said on Wednesday, in the latest retail casualty of the coronavirus pandemic.

The closures will represent nearly a quarter of Victoria's Secret's 1,091 locations in North America, and L Brands will also permanently shut down 50 Bath & Body Works in the U.S. and Canada.

It comes as the pandemic and government shutdowns have battered retailers, with J.C. Penney, Neiman Marcus and J. Crew all filing for bankruptcy protection. Macy's warned on Thursday that its losses could exceed $1 billion this quarter.

Read more here.

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