Victoria's Secret to shutter 53 stores

Victoria's Secret will be closing 53 underperforming stores in North America this year.

L Brands Inc. the parent company of the lingerie label made the announcement on Wednesday following a weak holiday quarter and a 7 percent decline from in-store sales. The internet sales of the lingerie brand also did not do much better and had a decrease in sales of 3 percent.

'Given the decline in performance at Victoria's Secret, we have substantially pulled back on capital investment in that business versus our history,' the company said in written earnings commentary after reporting disappointing holiday-quarter results.

The closures stem from its inability to keep up with shifting consumer demands and the emergence of competitors like Savage X Fenty, American Eagle Outfitters Inc.'s Aerie, ThirdLove, and Target's new label Auden. Victoria's Secret has also failed to adapt to consumer demand for different shapes, sizes, and backgrounds.

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