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Victoria’s Secret owner to cut 850 corporate jobs

Victoria’s Secret is permanently closing 250 stores
Posted at 7:04 PM, Jul 28, 2020
and last updated 2020-07-28 19:04:34-04

NEW YORK — The owner of Victoria’s Secret and Bath & Body Works said Tuesday that it is cutting 850 office jobs, or about 15% of its corporate workforce.

L Brands, like other retailers, has been dealing with a sharp drop in sales after temporarily closing stores due to the coronavirus pandemic. Levi’s, for example, said earlier this month that it would cut 700 office jobs, also adding up to 15% of its corporate workers.

L Brands, based in Columbus, Ohio, said it expects second-quarter revenue to have fallen 20% from a year ago.

The company is in the midst spinning off Victoria’s Secret into a separate company after a deal to sel l it this year was scrapped. It plans to focus on running Bath & Body Works on its own.