Year Established: 1977
Store Closures: 30-50 Branches*
Victoria’s Secret was founded by Roy and Gaye Raymond in 1977. The lingerie store is credited with bringing hip, fashionable lingerie into the mainstream. The company later opened its subsidiary Victoria’s Secret Pink, which includes apparel and sleepwear. It was Pink that ended up closing first, as Victoria’s Secret decided to focus solely on lingerie.
In 2019, Victoria’s Secret became the largest retailer of lingerie in the US but has seen sales gradually decrease. To keep revenues up, the company closed more than fifty locations in 2019 and 250 in 2020 in order to compete with the demands of e-commerce.CEP Stuart Burgdoerfer told ABC News, “We would expect to have a meaningful number of additional store closures beyond the 250 that we’re pursuing this year, meaning there will be more in 2021 and probably a bit more in 2022.”