Retail

Victoria’s Secret parent L Brands (LB) to cut 15% of corporate jobs

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A pedestrian walks past a Victoria’s Secret storefront closed and boarded up on Robson Street during the COVID-19 crisis on April 17, 2020 in Vancouver, Canada.

Andrew Chin | Getty Images

Victoria’s Secret owner L Brands said Tuesday it is preparing to cut 15% of its corporate workforce, or about 850 jobs, in a bid to trim costs as its business takes a hit from the coronavirus pandemic

The company said it hopes to save about $400 million annually through its cost-cutting efforts, which include the layoffs. L Brands expects to see about $175 million of savings in fiscal 2020. It also expects to record about $75 million of pretax severance costs in the second quarter of 2020,…



Source cnbc.com

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