As many as 25,000 stores could shutter in 2020 due to COVID-19 impact. The sexiest panties & lingerie. The investment firm that agreed to buy Victoria’s Secret in February wants to back out, the highest-profile example to date of a buyer trying to unpick a deal because of the pandemic. COLUMBUS, United States — The future of Victoria’s Secret is in jeopardy. VICTORIA SECRET LAKEWOOD. In order to spread the brand across the country, Deloitte plans to either renegotiate the rental contracts of the stores with their owners, and / or find a buyer. Victoria’s Secret UK business has been placed in administration – and it is not just a victim of the Covid-19 crisis, says one analyst.. The Victoria's Secret Fashion Show is an annual promotional event sponsored by and featuring Victoria's Secret, a brand of lingerie.From 1995 to 2018, Victoria's Secret uses the show to market its goods in high-profile settings. “This is yet another blow to the UK high street and a further example of the impact the Covid-19 pandemic is having on the entire retail industry,” said Deloitte joint administrator Rob Harding in a statement. 5. Breaking. Ascena’s other brands in Canada, Puerto Rico and Mexico would be permanently closing an … With a shift in the market towards body positivity, controversial comments, and increasing competition in the lingerie space, the brand has struggled to appeal to its once-loyal customer base. High-performance Swiss based shoe brand ON opens new flagship store in New York city, Porsche debuts #DrivingTomorrow Exhibition at Jewel Changi Airport, Singapore, Richard Mille unveils RM 65-01 Automatic Split Seconds Chronograph, its most complex watch ever. Estimated no. Victoria’s Secret reported net sales of $1.65 billion for the first quarter of 2020, compared with $2.6 billion for the same quarter last year. The administrators of Victoria’s Secret UK are seeking a buyer, however given the state of the brand’s perception in the marketplace, its troubled prospects globally and the crisis the broader UK retail industry finds itself in post Covid-19, it is difficult to perceive a quick white-knight rescue. Retail store closings 2020: The chains that have closed stores this year. The carnage has already felled major retailers, as seen in the recent bankruptcies of . Save my name, email, and website in this browser for the next time I comment. Victoria’s Secret is still a powerful force in the underwear industry. Chico's Thursday, December 17 2020 . A staff of 785 employees have been furloughed during the process. The British branch of the lingerie brand Victoriaâs Secret has declared bankruptcy, which threatens 800 jobs, after having been shut down due to the pandemic. Reply. GAP. French President Macron tests positive for COVID-19; Ireland exempts Santa Claus from travel ban as ‘essential worker’ this Christmas; Duterte appeals to Filipinos to follow health protocols on Christmas … Before the COVID-19 shutdowns, more than 1,000 individual store locations were already expected to close in Canada in the first quarter of 2020. 12. The Victoria’s Secret UK business has 25 stores, now all at risk of closure. With sales declining, Victoria's Secret has announced that about a quarter of its more than 1,000 stores in the U.S. and Canada will be out of business by the end of 2020. You have entered an incorrect email address! A large question mark hangs over its flagship stores internationally, including in Asia and a strategic review has been launched into the brand’s presence in China. The most beautiful Supermodels. Victoria's Secret, Forever 21, GNC and others are among a number of retailers in the danger zone. Victoria’s Secret has been on the decline for years. On Wednesday, Sycamore Partners filed a lawsuit arguing the private equity firm should be allowed to walk away from the February deal to acquire 55 percent of Victoria’s Secret from L Brands for $525 million. Echoing concerns expressed in the brand’s US home market, Sofie Willmott, lead retail analyst at GlobalData, said Victoria’s Secret … Many of Victoria’s Secret stores span more than 10,000 square feet each. The following are big retailers that have announced closing: J.