Victoria's Secret To Close Additional Stores
The lingerie company owned by local billionaire Les Wexner plans to close 14 additional stores this year due to declining sales.
Victoria's Secret has already closed six locations after a one percent decline in sales of its popular Pink brand. Officials have not yet said which locations will be closed. Another clothier owned by Wexner, Abercrombie & Fitch, Thursday reported a second-quarter loss of 3.9 million dollars on revenue of 842 million. The loss exceeded Wall Street expectations, while the revenue missed Wall Street forecasts. Abercrombie shares have risen 56 percent since the beginning of the year and have more than doubled in the last 12 months.