Victoria's Secret To Shut 3 Canadian Stores As Chain Reorganizes

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And the economy is strong.

Victoria's Secret is one of the most popular places in the world to buy underwear.

Slumping "in store" sales is causing the parent company to take quick action by closing 53 North American Victoria Secret stores.

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L Brands Inc., owner of the lingerie chain, announced Wednesday that Victoria's Secret's USA brick and mortar square footage will decrease by about 3 percent.

The hard holiday period and planned store closures are the latest turmoil for the brand.

According to the company website, L Brands now owns 957 stores in the U.S.

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The store faces competition by such newer lingerie retailers as Adore Me, which opened its first USA store in the Mall previous year. L Brands' forecast for 2019 disappointed Wall Street, sending its stock down 7% in early trading Thursday. The show has lost more than half its television audience in two years. Total comp sales fell 3% at Victoria's Secret and increased 12% at Bath & Body Works. Other lingerie and clothing startups claim to sell better-fitting bras and use body-inclusive advertising.

Mr. Burgdoerfer says the business made the decision by analyzing current and projected performance, sales, profits, cash flows and trade dynamics. Retailing giant Target is also throwing its hat into the lingerie mix, saying this week it would launch three private-label under and sleepwear brands. Lululemon and Walmart have followed suit and alluded to plans to reduce pricing. "If they were going to pivot now, I don't think it would come off as authentic".

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