Victoria’s Secret to close 53 stores, citing declining sales

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L Brands Inc, the company that owns Victoria’s Secret, announced it will be closing 53 stores on Wednesday.

Bloomberg reports that the company is drawing down on its “capital investment” after holiday sales were down 7%.

The clothing and lingerie store has struggled to keep up with the competition and the “body positive” culture movement.

“The outlook illustrates that the lingerie-sales struggle will persist until the retailer finds a away to reconnect with shoppers on price, product and image,” Bloomberg Intelligence analysts Poonam Goyal and Morgan Tarrant said in a note.

The company hired new CEOs and is bringing back swimwear to its online store after discontinuing it in 2016.

The company did not specify which stores will close.

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