Victoria’s Secret Closing 53 Stores

Columbus, Ohio-based L Brands, which owns Victoria’s Secret, announced plans to close 53 stores after sharing news that same-store sales at the banner dropped more than 7 percent for the most recent holiday quarter.

Previously the company had planned to close about 15 stores this year, but now, executives say that “everything is on the table” as it looks to revive the business. To that end, the company is also pulling back on investing in new stores as well as remodeling older ones.

Instead, the company is evaluating every element of the brand, including merchandising, pricing and format.

The company owns other banners, including Bath & Body Works, but Victoria’s Secret is the weakest part of its business, according to CNBC.