New York (CNN Business) Victoria's Secret plans to close 53 stores this year as more women desert the brand for lingerie startups and big retailers. L Brands LB Sales at stores open at least a year fell 7% during Victoria's Secret's most recent quarter, parent companysaid Wednesday. But Victoria's Secret and its teen brand PINK have struggled. Victoria's Secret has failed to adapt to consumer demand for more custom-fitted bras and inclusive messaging and advertisements. Victoria's Secret relied on heavy promotions to draw customers to its stores during the holidays — the types of discounts that generally hurt margins.

Source: CNN February 28, 2019 17:37 UTC