crazyfirecrotch (crazyfirecrotch) wrote in ohnotheydidnt,
crazyfirecrotch
crazyfirecrotch
ohnotheydidnt

Covid Casualties: Victoria's Secret, Pier 1 Imports bid adieu while Jc Penny Pinches for owners



Victoria’s Secret plans to permanently close approximately 250 stores in the U.S. and Canada in 2020, its parent company L Brands announced Wednesday.

L Brands also plans to permanently close 50 Bath & Body Works stores in the U.S. and one in Canada, according to information the company posted online as part of its quarterly earnings.

L Brands' total company sales declined 37% in the quarter that ended May 2. Almost all of the company’s stores have been closed since March 17 due to the COVID-19 pandemic.



Pier 1 Imports, which filed for Chapter 11 bankruptcy protection in February, said Tuesday it plans to wind down its operations and liquidate all 540 remaining stores. It will implement liquidation sales as soon as it can reopen its locations in accordance with COVID-19 guidelines from local government and health officials.

“This decision follows months of working to identify a buyer who would continue to operate our business going forward,” said CEO Robert Riesbeck. “Unfortunately, the challenging retail environment has been significantly compounded by the profound impact of COVID-19, hindering our ability to secure such a buyer and requiring us to wind down.”



J.C. Penney plans to shut nearly 250 stores as part of their bankruptcy filing. Amazon is in talks with the struggling department store chain to strike a deal of some kind. The potential explanation includes Amazon wanting to expand its own apparel business. Jeff Bezos keeps winning.

source= https://twitter.com/CNN/status/1263572023101571076, https://twitter.com/NPR/status/1262804343385882626, https://twitter.com/nytimes/status/1261430334748573699
Tags: amazon, covid-19, fail
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