Victoria’s Secret Will Close 250 Stores Due to COVID-19
The economic impact of the ongoing Coronavirus pandemic is still being felt across the world, and in many ways, we don't know exactly what all the results are going to be just yet. But it is clear that it's harming the business world in a pretty major way, with reports of several businesses - including a few local ones - closing their doors for good.
And now, word has come out that fashion giant Victoria's Secret is planning to close down 250 of their locations across the US, which represents about 22 percent of their locations throughout the country. L Brands, the company that owns Victoria's Secret, says the chain saw a 15% drop in sales during their first quarter as a direct result of COVID-19.
Will this closure affect their Missoula location? The store is located in the Southgate Mall, which has reopened, but many of its stores remain closed, including Victoria's Secret. Only time will tell which stores stay and which ones will go.
On the flip side, L Brands also owns Bath & Body Works, which they say actually saw a significant increase in sales thanks to people rushing to buy soap and hand sanitizer, and yet they still plan to close 50 of those stores, too. They've got a location in Southgate Mall too, and like Victoria's Secret, it hasn't reopened yet.
I doubt this is the last we see of these big chains closing some of their stores because of the pandemic. Would you be bummed to see it leave Missoula?
READ MORE: See how some companies are changing their businesses to combat COVID-19