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This iconic chain is closing up to 50 stores
The COVID-19 pandemic represented an unprecedented set of difficulties for the retail sector. Even well-known companies are struggling to survive amid a health crisis that has closed stores across the country. Now, the iconic fashion chain Victoria’s Secret has announced that it will close up to 50 stores before the end of the year. Continue reading to see what this means for the legendary brand in the coming months and to learn more about other fashion brands that are struggling to do so, check out This popular clothing store is closing in at least 200 locations.L Brands, company parent company of Victoria’s Secret, announced on February 24 that it would close between 30 and 50 of its stores in 2021 amid declining sales, USA Today reports. This is the second consecutive year of significant store closings after the brand announced the permanent closure of around 250 stores in May 2020.L Brands, which also owns Bath & Body Works, said it still intends to break down declining fashion. as your own company in the coming months. The original plans to sell the brand in its portfolio to Sycamore Partners, a private equity firm based in New York, failed with the coronavirus pandemic. But there was at least some good news from the parent company. According to a quarterly earnings report posted on its website, L Brands also announced that it plans to open 49 new Bath & Body Works stores in the US and one in Canada in locations “almost entirely outside the mall”. Unfortunately, Victoria’s Secret is far from the only retailer facing financial problems due to the COVID pandemic. Continue reading for more brands that recently closed stores and for more information on iconic companies that are struggling to survive, check out This iconic department store is going bankrupt. Fry’s Electronics Fry’s Electronics has been a chain loved by its themed electronics stores with over-the-top displays since opening its doors in 1985. But on February 24, the company abruptly announced that it would start shutting down immediately, even as much as to redirect its website to a letter that stated that the brand had “ceased regular operations and started the liquidation process” on the same day. “After almost 36 years in the business as a one-stop shop and online resource for high tech professionals in nine states and 31 stores, Fry’s Electronics, Inc. (” Fry’s “or” Company “), made the difficult decision to close its operations and shut down their businesses permanently as a result of changes in the retail sector and challenges presented by the Covid-19 pandemic, ”the company announced in a statement. L’Occitane On January 26, the popular beauty company L’Occitane filed for bankruptcy and announced that it would soon close 23 of its 166 stores in the United States as part of its “store coverage area optimization plan”. “In the past year, we have acted aggressively to face the challenges related to COVID head-on … We look forward to working in collaboration with our owners to reach partnerships that make economic sense in this current retail environment and better position the boutique offering of our brand for the coming years, ”L’Occitane North America Executive Director Yann Tanini said in a statement. And to find out more about other stores that are starting to disappear, check out This iconic fashion brand is starting to close stores. Toys R Us Childhood, the mainstay of childhood, Toys R Us closed more than 700 stores in 2018 after filing for bankruptcy a few months earlier. However, two locations at the popular toy retailer managed to remain open thanks to a purchase agreement with the new parent company Tru Kids. But in early 2021, Tru Kids announced that it would permanently close the last two stores of the iconic toy maker. “As a result of COVID-19, we made the strategic decision to direct our store strategy to new locations and platforms with better traffic,” a Tru Kids spokesman told CNN Business. Godiva Beloved Chocolate maker Godiva made headlines in January when it announced plans to close all 128 of its units in the United States after 95 years in operation. Fortunately for fans of their sweets, the company announced that it will still sell its confectionery in the United States in supermarkets, pharmacies and department stores, among other retailers. “We are making it even easier for our consumers to enjoy Godiva, whether by treating themselves or giving gifts, so that everyone can have access to our premium chocolate,” said Godiva CEO Nurtac Afridi. And for more information on restaurants that are struggling amid the closure of COVID, check out this popular bankruptcy pizzas.