L Brands Will Close 250 Victoria’s Secret Stores and Proceed With Spin-Off

The intimates brand restructures as it prepares for a likely sale

L Brands is proceeding with plan to separate Victoria's Secret, announcing that the chain is closing 250 stores. Getty Images

L Brands is moving forward with its plan to separate Victoria’s Secret from the rest of its business as it reorganizes it to create an independent company “that one could reasonably market for a sale,” said Stuart Burgdoerfer, the intimates brand’s interim CEO, during the first quarter earnings call this morning.

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@RichCollings richard.collings@adweek.com Richard Collings is a retail reporter at Adweek.