Victoria’s Secret is closing more stores this year as it looks to pare down its footprint further due to the impact of the coronavirus pandemic.

The retailer closed 241 stores in North America in 2020 and has plans to close another 30 to 50 stores in the region in 2021, parent company L Brands (LB) said on Wednesday as it released its fourth-quarter earnings report.

Sales at Victoria’s Secret were hampered as a result of the pandemic, especially as stores were temporarily closed during the first half of last year. L Brands saw the brand’s comparable sales decline by 3% for the quarter.

Online sales were up 33% for the quarter, compared to 28% a year previous with strong sales in loungewear, sleepwear, and the PINK line, L Brands said.

Victoria’s Secret has also continued to struggle to resonate with consumers, and the brand has undergone a transformation to become more inclusive to women. It was applauded for its recent swimwear launch that included a campaign featuring women of all sizes, Fox News reported.

The brand has also brought in more women-empowered labels and encompassed marketing strategies that focused on diversity.

But despite its efforts, L Brands is still looking to sell off Victoria’s Secret, and Goldman Sachs will begin formally pitching the brand to buyout firms for a potential takeover this week, The New York Times reported. L Brands said on Wednesday that it was moving forward with plans to spin off Victoria’s Secret into a company in the next six months.

In contrast to its struggles with the women's wear stores, L Brands saw increases at Bath & Body Works and has expansion plans to open 49 stores under the brand in the U.S. and one in Canada. The majority of the stores will not be mall locations as many of Bath & Body Works stores are, the retailer said, adding that it does plan to close 40 locations that are mall-based.

Bath & Body Works saw strong sales due to the demand for soap and hand sanitizer during the pandemic. L Brands posted a profit for the quarter for Bath & Body Works with a comparable sales increase of 22% to $2.718 billion for the quarter compared to a year earlier.

L Brands did not provide financial guidance for 2021, citing the uncertainty of the retail environment due to the coronavirus pandemic.

On Wednesday, tech retailer Fry’s Electronics also announced that it was closing all of its stores and winding down its operation due to the impact of the coronavirus pandemic.

Shares of L Brands were trading at $53.03 during premarket hours on Thursday, up 2.67%.

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L Brands said it will close up to 50 Victoria's Secret stores in 2021. L Brands
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