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.
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.