Victoria's Secret closing more than 50 stores across the U.S. and Canada

Victoria’s Secret will close 53 stores as struggles mount

As part of that, the brand announced their decision to close 53 stores in North America in 2019, following a round of 30 closures from 2018.

The parent company of Victoria's Secret is pulling itself up by the bootstraps after it met with bad sales during the holiday season, through the closing down of more than 50 underperforming outlets in North America.

"Given the decline in performance at Victoria's Secret, we have substantially pulled back on capital investment in that business versus our history, " the company said in written earnings statement.

These aren't the only numbers falling for the lingerie company. The former president of Tory Burch, John Mehas was finally installed at Victoria's Secret Lingerie this year, along with a new brand head at PINK. The lingerie chain now has some 957 USA stores.

Gap also announced it would be splitting into two district, publicly traded companies - the already established Old Navy and a new company that has yet to be named, which will include Gap, Athleta, Banana Republic, Intermix and Hill City brands, according to the release.

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The company has taken several hits over the past couple of years, with almost 30 stores shut down in 2018, Business Insider reports.

L Brand's net sales rose to $4.85 billion for the quarter ended Feb.3, compared to $4.82 billion in the year-ago period.

The announcement comes after a rough year for Victoria's Secret. This marked its 16th consecutive quarter of double-digit positive growth. It also said it would discontinue reporting monthly sales results and would close 53 stores.

"If the merchandise is special, unique, reflects fashion, has newness ... there are terrific opportunities".

L Brands (NYSE:LB) announced its latest quarterly earnings results after hours today, posting mixed results that saw its profit top the mark, while sales were below expectations, playing a role in LB stock's declining.

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