Victoria’s Secret to close 5% of stores

(Photo Supplied/Victoria's Secret)

A big name in the lingerie business is closing dozens of stores.

Victoria’s Secret announced yesterday that the company will close 53 locations nationwide after holiday sales slumped more than $100-million last year, bringing in just under $800-million in late 2018, compared to $986.6-million in late 2017.

The company blames business lost to retail competitors, including brick-and-mortar stores like Target and Walmart, and online retailers like Amazon.

There’s no word yet on if either of Fort Wayne’s Victoria Secret locations will be impacted.