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,…