L Brands expects to see about US$175 million of savings in fiscal 2020. As of February 1, the company employed about 94,400 employees, 68,900 of those being part-time, according to L Brands’ latest annual filing. The company is expecting to post a 40 percent decline at Victoria’s Secret. According to BMO Capital Markets analyst Simeon Siegel, L Brands will be much healthier as it becomes leaner. L Brands shares are up about 6 percent this year.

Source: The Standard July 29, 2020 02:26 UTC