Victoria's Secret

Victoria's Secret to Close Stores Amid Leadership Shakeup

CEO Steps Down, Private Equity Firm Takes Over

Victoria's Secret is set to close 250 stores and revamp its leadership team following a drop in sales and a controversial marketing campaign. The struggling lingerie retailer announced on Thursday that CEO John Mehas has resigned and will be replaced by Martin Waters, a former CEO of Express. The company's parent firm, L Brands, will also be acquired by private equity firm Sycamore Partners.

Victoria's Secret has been facing declining sales in recent years as it has struggled to keep up with changing consumer preferences. The company's once-popular fashion shows have been criticized for being outdated and lacking diversity, and its marketing campaigns have been accused of being sexist. The company has also been struggling with competition from online retailers such as Amazon and Adore Me.

Complaints of Harassment and Toxic Culture

In addition to its financial woes, Victoria's Secret has also been plagued by allegations of harassment and a toxic work culture. In 2019, the company's former CEO, Ed Razek, was accused of making inappropriate comments to models and executives. The company was also criticized for its lack of diversity and inclusion, and for its use of Photoshop in its marketing campaigns.

The changes at Victoria's Secret are part of a broader effort by the company to revamp its image and regain its market share. The company has already started to diversify its product offerings and marketing campaigns, and it is expected to make further changes under Waters' leadership. It remains to be seen whether these changes will be enough to revive the struggling retailer.

CEO Shakeup and Potential Bankruptcy

The leadership shakeup and potential bankruptcy of Victoria's Secret is a sign of the changing landscape of the retail industry. Consumers are increasingly shopping online, and traditional retailers are struggling to keep up. Victoria's Secret is not the only retailer that has been facing challenges in recent years. Other major retailers, such as JCPenney and Macy's, have also closed stores and filed for bankruptcy.

The changing retail landscape is a reminder that businesses need to be constantly adapting to meet the needs of consumers. Victoria's Secret has been slow to adapt to changing consumer preferences, and it has paid the price. It remains to be seen whether the company can make the necessary changes to survive.