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Victoria’s Secret owner to cut 850 corporate jobs

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

A bra is display at Victoria’s Secret store in Manhattan in New York, US, on Wednesday, November.14, 2018. (Photographer: Jeenah Moon/Bloomberg)

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 per cent of its corporate workers.

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

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

–AP