Victoria's Secret will close 53 stores

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Sales at stores open at least a year decreased by 7 percent during Victoria's Secret's most recent quarter, according to L Brands.

Additionally, the 2018 Victoria's Secret Fashion Show had the smallest audience since becoming a holiday-season TV event in 2001, with just 3.27 million viewers, the Nielsen company said.

The hard holiday period and planned store closures are the latest turmoil for the brand.

Business cited the company's failure to produce more custom-fitted bras, as well as its celebrity model advertising strategy, as reasons for the brand's struggles.

JCPenney said in a news release that it plans on closing 18 full-line stores this year, including three locations that had been announced recently, along with nine home and furniture stores.

Elsa Hosk walks the runway during the Fantasy Bra during 2018 Victoria's Secret Fashion Show at Pier 94 in NY.

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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.

Competative pricing has also played a part in Victoria's Secret's decline.

"We are taking a fresh, hard look at everything in the business", Burgdoefer said of planned changes to fix Victoria's Secret. How we go about it is we look at current and projected performance, sales, profit, cash flow.

Wall Street reaction to the earnings announcement appeared negative Thursday, with shares in L Brands trading eight per cent lower at 10:30 a.m. than Wednesday's closing level.

'If they were going to pivot now, I don't think it would come off as authentic.

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