BUSINESS
02/28/2019 17:47 EST | Updated 02/28/2019 17:50 EST

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

The chain is "not meeting our expectations," owners say.

The Canadian Press

TORONTO — Three Victoria's Secret stores in Canada are expected to close this year as parent company L Brands looks to improve on its financial performance.

A spokesperson for the U.S.-based lingerie brand's parent company declined to tell The Canadian Press which locations will be shuttered in Canada, but says they are part of a plan to slash 53 stores worldwide.

Watch: Why are so many retailers in Canada closing stores? Story continues below.

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

The impending closures are far more than the 15 stores the brand closes on average every year.

L Brands's chief financial officer Stuart Burgdoerfer said in an earnings call Thursday that the impending closures were triggered by Victoria's Secret "not meeting our expectations.''

Earlier on HuffPost Canada:


Burgdoerfer says the business made the decision by analyzing current and projected performance, sales, profits, cash flows and trade dynamics.

The closures come after a tough holiday period, where comparable and in-store sales slid at Victoria's Secret and Pink stores.