Gap. It was a sad day when Victoria's Secret announced that it will be closing many of their doors across North America. landslide damage. L Brands said it will close 235 U.S. Victoria's Secret and three PINK stores. Subscriber In April 2019, it was announced that Victoria's Secret would be closing 53 stores across North America throughout the year. Court documents reveal what we know so far, Ontario logs more than 2,200 new COVID-19 cases for first time in pandemic, Driver tries to switch seats after being pulled over by cop. Around 250 Victoria's Secret stores will close down, 13 of them in Canada, while 51 Bath & Body Works locations will likewise close their doors, only one of which will be north of the border. The retailer, including the Victoria’s Secret Lingerie, Victoria’s Secret Beauty, and PINK banners, have been … Some malls in Canada are going to have new storefronts after these closures. The retailer, including the Victoria’s Secret Lingerie, Victoria’s Secret Beauty, and PINK banners, have been hit hard since the beginning of the COVID-19 pandemic. You may be eligible for a new tax deduction, Paris given 'absurd' fine for employing too many women, North American stock markets rally as U.S. stimulus hopes push materials higher, Statistics Canada reports manufacturing sales edged up 0.3 per cent in October, Plea from Quebec nurse with COVID-19: Skip Christmas, LIVE SOON: Officials provide update on missing sailor, LIVE as they happen: Updates on COVID-19 from across Canada, Just for Laughs founder Gilbert Rozon acquitted of rape and indecent assault, Canadian fashion mogul Peter Nygard arrested in Winnipeg under Extradition Act, Canada locks in thousands more early COVID-19 vaccine doses, Karla Homolka, after moving again near Montreal, can't expect privacy: Quebec Press Council, It's been 3 years since Barry and Honey Sherman were found dead. A spokesperson for the brand confirmed the store closures to Business Insider and said that it expects to close up to two more locations by the end of the year. The parent company of Victoria’s Secret, L Brands, announced Wednesday plans to close 250 stores across the United States and Canada. L Brands will be closing 250 Victoria’s Secret stores across North America. The Ratings Game Victoria’s Secret will close about 250 stores in the U.S. and Canada this year, stock soars Published: May 22, 2020 at 3:52 p.m. Victoria's Secret has closed eight stores in Canada so far in 2020. ET Pilot shares aerial footage of a massive landslide in B.C. L Brands which operates the two chains announced on May 20, 2020 that it will close 13 of its 38 Victoria’s Secret stores and 1 Bath & Body Works store in Canada as it restructures its business to stay afloat as sales have declined. Sign up for our weekly email newsletter delving into climate science and life on a changing planet. Victoria’s Secret, which has 1,091 stores in the U.S. and Canada, will close 235 U.S. Victoria’s Secret stores and three Pink stores, with the rest of the closures taking place in Canada. L Brands reported significant losses due to the coronavirus pandemic, with Victoria’s Secret total sales falling 46% during the first fiscal quarter that ended May 2, CNBC reported.. The company will reportedly close 13 of its 38 Victoria's Secret stores in Canada with the remaining closures taking place in the U.S. and only one of its Bath & Body Works locations. This reminds me of hearing the news of TOWN SHOES Closing! Victoria’s Secret Quietly Closing Canadian Stores. Victoria's Secret is plotting a major turnaround as a private company. The company's other … "I think that as this crisis progresses and as brands come under the stress of this crisis as it protracts, I think we are going to see more brands follow suit," he said. Nearly 250 Victoria’s Secret stores across Canada and the US are closing for good. In March 2019, Gap said it will be shuttering … Victoria's Secret Canada closing stores in different parts of the country and five locations have already been impacted. Engage in respectful discussions on the U.S. election on our dedicated Facebook page, Use of this Website assumes acceptance of Terms & Conditions and Privacy Policy, Published Thursday, May 21, 2020 8:48AM EDT, Stream CTV News Channel for breaking news updates, Newsletter sign-up: Get The COVID-19 Brief sent to your inbox, Feds roll out loans for big firms, rent aid as economic reopening brings new challenges, Pier 1 to go out of business and close all 540 stores, Battered by impact of COVID-19, Canadian fashion retailer Reitmans seeks protection from creditors, Walmart becomes a lifeline, U.S. online sales jump 74 per cent, JC Penney plans to close more than 240 stores, Footwear retailer Aldo files for creditor protection, plans to restructure, Neiman Marcus becomes 2nd major retailer to seek Chapter 11, Canada must fight to retain talent after Biden enters White House, Macklem says, Black, minority women in Canada left behind in COVID-19 job recovery, Working from home this year? Victoria’s Secret will be closing 53 stores across the United States and Canada after their parent company released their fourth quarter earning report. The parent company of Victoria’s Secret, L Brands, announced Wednesday plans to close 250 stores across the United States and Canada. The struggling Victoria’s Secret brand has been quietly shutting down some of its stores in Canada. Published March 01 2019. Victoria's Secret plans to close 53 stores in North America this year. This will leave 38 of the former and 101 of the latter stores … The news comes after the company announced that 250 of its Victoria’s Secret stores would close in the U.S. and Canada. In February, Retail Insider reported that Victoria’s Secret had already shut locations at CF Market Mall in Calgary, CF Sherway Gardens in Toronto, CF Richmond Centre … Victoria's Secret, a popular women's lingerie retailer, has 1,091 stores in the United States and Canada. Over the past year, the American lingerie giant … Earlier this month, L Brands announced that it would sell a 55% stake in Victoria's Secret to private-equity firm Sycamore Partners and take the company private. The biggest stories in fast food, shopping, and more. They haven't announced the exact locations yet...just that it's 53 Stores across NA. Victoria’s Secret and Bath & Body Works. Victoria’s Secret, a popular women’s lingerie retailer, has 1,091 stores in the United States and Canada. A spokesperson for the U.S.-based lingerie brand’s parent company declined to tell The Canadian Press which locations will be shuttered in Canada, but says they are part of a plan to slash 53 stores worldwide. And in November of last year, Victoria’s Secret canceled its famous runway show, citing a drop in ratings. L Brands reported significant losses due to the coronavirus pandemic, with Victoria’s Secret total sales falling 46% during the first fiscal quarter that ended May 2, CNBC reported.. If you like to shop at this brand's stores, there are still locations open across the … L Brands said it will close 235 U.S. Victoria’s Secret and three Pink stores. It’s time to stock up on your favourites while you can because it's very possible a store will be closing … "Some of those may be that a company is carrying too much debt, that they're too reliant perhaps on physical stores, or in some cases, it's just brands that have had trouble sort of finding their positioning for years.". "Much as it does with human beings, it finds pre-existing conditions or underlying ailments in companies as well," he told CTV's Your Morning on Thursday. Meanwhile, American retailer L Brands announced Wednesday it will reduce the number of company-owned Victoria's Secret stores and close about 250 in the U.S. and Canada this year. Victoria's Secret | Instagram.com . CTVNews.ca Writer. Founded in 1919 as “Canada’s Original Discount Store”, the company announced on May 9, 2020 that it would be closing its five remaining locations in Vancouver, New Westminster, B.C., Langley, B.C., Calgary and Edmonton. Dr. Marla: Can you get the vaccine if you've had COVID-19? The company closed 30 stores last year as it tried to escape weak malls. This will leave 38 of the former and 101 of the latter stores standing nationwide, an indication of which of the two has been more successful for L Brands. Other established brands have taken a hit too, such as Neiman Marcus and J. Earlier this month, the Canadian footwear retailer Aldo and the Canadian fashion chain Reitmans both filed for creditor protection and went into restructuring. Victoria’s Secret, which operates 1,091 stores in the US and Canada, said it will close 235 US Victoria’s Secret and three Pink stores along with 13 of its 38 Canadian shops. Victoria’s Secret is not alone in its cost-saving actions right now. A spokesperson said it has plans to close up to two more locations in the country. Victoria's Secret is closing 250 stores in shopping centers, malls and other locations in the U.S. and Canada. The sexiest panties & lingerie. (AP Photo/Mary Altaffer, File), Tracking every case of COVID-19 in Canada, Alberta researchers part of rush to learn vitamin D's role in COVID-19 prevention, 'The second wave will come' and experts say Canada is not prepared, NDP MP calls on feds to make amendments to CERB to prevent scams targeting seniors, Nurses recount 'hell' in Laval, Canada's new COVID-19 epicentre, and ask what they can withstand, Police have checked in on nearly 2,200 quarantining travellers at home, How to properly wear, store and clean your face mask, COVID-19 remains 'very serious health threat': Trudeau, PM offering $75 million more in COVID-19 aid to Indigenous people living off-reserve, Victoria's Secret, Bath & Body Works closing stores in Canada, U.S. as retailers struggle, Twenty-eight soldiers test positive for COVID-19 after working in care homes, Thousands sign petition calling for flight refunds amid COVID-19 cancellations, 'Normal was the problem': Why one expert says we shouldn't go back to the way it was. 269. TORONTO -- The world's best bras. Victoria’s Secret has been wrapped up in all sorts of controversy with its lack of inclusivity in a time where there are hundreds of body-positive brands available to shop instead. Victoria's Secret has been quietly closing Canadian locations, and it's unclear how many more will be closed in 2020. The spokesperson said that these closures were related to natural lease expirations and that they would leave the brand with 28 Victoria's Secret stores in Canada. Victoria's Secret is closing 250 stores in shopping centers, malls and other locations in the U.S. and Canada. Here's what went wrong with America's lingerie darling. TORONTO — Three Victoria’s Secret stores in Canada are expected to close this year as parent company L Brands looks to improve on its financial performance. This news comes as the lingerie giant continues to see a plummet in sales during the coronavirus pandemic.. On a call with analysts, Victoria's Secret … L Brands reported significant losses due to the … With sales declining, Victoria's Secret has announced that about a quarter of its more than 1,000 stores in the U.S. and Canada will be out of business by the end of 2020. The Ratings Game Victoria’s Secret will close about 250 stores in the U.S. and Canada this year, stock soars Published: May 22, 2020 at 3:52 p.m. Victoria’s Secret, a popular women’s lingerie retailer, has 1,091 stores in the United States and Canada. TORONTO - Three Victoria’s Secret stores in Canada are expected to close this year as parent company L Brands looks to improve on its financial performance. Sales at stores open at least a year fell 7% during Victoria's Secret's most recent quarter, parent company L Brands said Wednesday. J.C. Penney, which filed for bankruptcy last week, plans to close more than 240 stores, and Nordstrom around 16. since. On Wednesday, L Brands announced that approximately 250 Victoria's Secret and 51 Bath & Body Works stores will close as part of their go-forward strategy to survive amid falling sales. L Brands reported significant losses due to … L Brands said it will close 235 U.S. Victoria’s Secret and three Pink stores. TORONTO — Three Victoria’s Secret stores in Canada are expected to close this year as parent company L Brands looks to improve on its financial performance. exc-5e5290243ed02b41f45182fc. Retail consultant Doug Stephens said the COVID-19 pandemic is exposing existing vulnerabilities in businesses. Victoria's Secret has quietly closed eight stores in Canada this year. Discover what's hot now - from sleepwear and sportswear to beauty products. The owner, is looking to close the worst performing stores. The lingerie brand cited a "decline in performance" as the reason for the closures, where were announced in February. The parent company of Victoria's Secret and Bath & Body Works says hundreds of locations in Canada and the U.S. are permanently closing as retailers struggle to stay afloat during the … It’s an even sadder day now that we know Victoria's Secret will be closing three locations in Canada this year. Victoria's Secret Will Close Down 3 Stores In Canada, Here's What We Know Out of the 53 store closures in North America, three will be in Canada. A spokesperson for the U.S.-based lingerie brand’s parent company declined to tell The Canadian Press which locations will be shuttered in Canada, but says they are part of a plan to slash 53 stores worldwide. TL;DR Victoria's Secret is closing stores all over North America, … Canada Goose Holdings Inc. is cutting 125 of its staff or roughly two per cent of its 5,000-person workforce. Pier 1: Home decor chain Pier 1 announced Feb. 17 that it will close all of its stores in Canada, as the retailer began bankruptcy proceedings in the United States. Over 50 are being rounded up for closure in North America, including 3 in Canada. This is also not the end. Victoria's Secret plans to close 53 stores in North America this year. Canada Goose cuts 125 staff, L Brands closing some Victoria's Secret stores. Driver tries (unsuccessfully) to pull the old switcheroo, Boy who received Christmas parade dies of cancer, Island pilot discovers B.C. The spokesperson added that these closures were related to natural lease expirations. L Brands said it will close 235 U.S. Victoria's Secret and three Pink stores. Updated March 01 2019 at 06:16 PM. Nearly 250 Victoria’s Secret stores across Canada and the US are closing for good. L Brands reported their total company sales declined 37 per cent in the first quarter ending May 2. Victoria’s Secret, which operates 1,091 stores in the US and Canada, said it will close 235 US Victoria’s Secret and three Pink stores along with 13 of its 38 Canadian shops. The retail biz is getting tougher and tougher with competition heating up and the current COVID-19 pandemic that forced stores to close. But the lingerie company has struggled in recent years and seen sales decrease. It was a sad day when Victoria's Secret announced that it will be closing many of their doors across North America. L Brands' plan to close stores is just the latest sign of the devastating toll the health emergency is taking on retailers around the world. As many physical stores remain shuttered and consumers' shopping habits change amid the pandemic, Stephens said he expects more companies to follow suit. In addition to the store … L Brands is planning to close around a quarter of the Victoria’s Secret stores across the US and Canada in the coming months. TORONTO — Three Victoria’s Secret stores in Canada are expected to close this year as parent company L Brands looks to improve on its financial performance. About 250 Victoria’s Secret stores and around 50 Bath & Body Works stores will be closing for good in the United States and Canada, according to news from the chain’s parent company L Brands. Gap is including in 2020's store closing list. Over the past six months in Canada, Victoria’s Secret had already been quietly closing many of its stores. One exciting thing that was just announced, is that VS is also bringing back its swimwear line to online stores this spring, which was met with the excitement of many. The lingerie brand has struggled in recent years and seen sales gradually decrease. The lingerie giant is expected to launch a major turnaround effort under new management. New coronavirus strain spreading in U.K. has key mutations, scientists say, Ex-Epstein pal seeks bail with US$28.5M and armed guards, CRA sends 441,000 'educational' letters to Canadians who may need to repay CERB, Pattie Lovett-Reid: Disability insurance could protect you during a pandemic, Unclear wording of CERB eligibility means some recipients asked to pay everything back. If you work at a Victoria's Secret store and have a story to share, please contact this reporter via encrypted messaging app Signal at +1 (646) 768-4716 using a non-work phone, by email to mhanbury@businessinsider.com, or Twitter DM at @MarySHanbury. Gap, Tesla and Victoria's Secret are among the nearly 5,000 store closings already in 2019 Published Sat, Mar 9 2019 10:00 AM EST Updated Tue, Mar 12 … The announcement came a day after the U.S. retail chain Pier 1 revealed they are going out of business and closing all 540 of its stores in the U.S. and Canada. The most beautiful Supermodels. TORONTO — Retailers with Canadian operations are laying off employees and closing stores as they grapple with COVID-19. TORONTO — Three Victoria’s Secret stores in Canada are expected to close this year as parent company L Brands looks to improve on its financial performance. L Brands longtime CEO Les Wexner also stepped down from his role after nearly six decades. Victoria's Secret has closed eight stores in Canada so far in 2020. ET J.C. Penney, which filed for bankruptcy last week, plans to close more than 240 stores… A spokesperson said it has plans to close up to two more locations in the country. TORONTO — Three Victoria’s Secret stores in Canada are expected to close this year as parent company L Brands looks to improve on its financial performance.A spokesperson for the U.S.-b… Around 250 Victoria's Secret stores will close down, 13 of them in Canada, while 51 Bath & Body Works locations will likewise close their doors, only one of which will be north of the border. Quebec-based sporting goods retailer SAIL Outdoors Inc., which operates SAIL and Sportium has just filed for bankruptcy protection. The parent company of Victoria’s Secret, L Brands, announced Wednesday plans to close 250 stores across the United States and Canada. These closings aren’t exactly a surprise as last year the American chain revealed that it would be closing over 50 stores across North America due to a decrease in sales. TORONTO — Three Victoria's Secret stores in Canada are expected to close this year as parent company L Brands looks to improve on its financial performance. Victoria’s Secret, a popular women’s lingerie retailer, has 1,091 stores in the United States and Canada. Stephanie Hilash. SAIL Facebook/@SAIL. The latest is the … Victoria’s Secret is not alone in its cost-saving actions right now. Victoria’s Secret, which operates 1,091 stores in the US and Canada, said it will close 235 US Victoria’s Secret and three Pink stores along with 13 of its 38 Canadian shops. Victoria's Secret Closing Down 53 Stores Across North America As Sales Decline . Victoria's Secret, a popular women's lingerie retailer, has 1,091 stores in the United States and Canada. Sign up for Insider Retail. The parent company of Victoria's Secret and Bath & Body Works says hundreds of locations in Canada and the U.S. are permanently closing as retailers struggle to stay afloat during the COVID-19 pandemic. Victoria's Secret, a popular women's lingerie retailer, has 1,091 stores in the United States and Canada. And, interim CEO Stuart Burgdoerfer has told Wall Street analysts he expects there will be more closings in 2021 and 2022. Crew, both of which filed for bankruptcy in early May. Account active Download the CTV News app now. as well as other partner offers and accept our, Visit Business Insider's homepage for more stories. A spokesperson for the U.S.-based lingerie brand’s parent company declined to tell The Canadian Press which locations will be shuttered in Canada… In December, its annual fashion show sunk to its worst ratings ever . By clicking ‘Sign up’, you agree to receive marketing emails from Business Insider Canada's Most Trusted News. In this April 4, 2018, file photo, shoppers walk past the Victoria's Secret store on Broadway in the Soho neighborhood of New York. Victoria's Secret is permanently closing a quarter of its stores in the United States and Canada over the next few months. A leading-edge research firm focused on digital transformation. The parent company of Victoria’s Secret, L Brands, announced Wednesday plans to close 250 stores across the United States and Canada. Jackie Dunham Victoria's Secret is closing down stores in Canada. In November, Victoria's Secret's CEO resigned. L Brands said it will close 235 U.S. Victoria’s Secret and three Pink stores. Almost all of their stores have been closed since March 17 in response to the pandemic. L Brands said it will close 235 U.S. Victoria's Secret and three PINK stores. For those not following the company's controversies, leadership … The lingerie brand cited a "decline in performance" as the reason for the closures, where were announced in February. A spokesperson for the U.S.-based lingerie brand’s parent company declined to tell The Canadian Press which locations will be shuttered in Canada, but says they are part of a plan to slash 53 stores … Victoria’s Secret, which has 1,091 stores in the U.S. and Canada, will close 235 U.S. Victoria’s Secret stores and three Pink stores, with the rest of the closures taking place in Canada. The company said it plans to close 250 stores and might close more in the coming years. A spokesperson said it has plans to close up to two more locations in the country. Victoria's Secret has closed eight stores in Canada so far in 2020. Performing stores announced the exact locations yet... just that it will close U.S.! Right now Secret has closed eight stores in the first quarter ending May 2 's how... Of the country he expects there will be closing 250 victoria ’ s Secret quietly closing Canadian.... Landslide in B.C a changing planet since March 17 in response to the pandemic the vaccine if you 've COVID-19... A `` decline in performance '' as the reason for the closures where... In April 2019, it was announced that victoria 's Secret has closed eight stores in parts. Driver tries ( unsuccessfully ) to pull the old switcheroo, Boy who received Christmas parade of! Went into restructuring is not alone in its cost-saving actions right now laying off employees and stores. Its 5,000-person workforce roughly two per cent in the United States and Canada ''... S Secret is closing down stores in Canada American lingerie giant … the owner, is looking to more. Closing down 53 stores in the first quarter ending May 2 since March 17 in response to the pandemic States... Total company sales declined 37 per cent of its staff or roughly two per of... Operates SAIL and Sportium has just filed for bankruptcy protection stores have closed. In businesses... just that it will close 235 U.S. victoria ’ s Secret stores me hearing. Cited a `` decline in performance '' as the reason for the closures, where were announced in.! For good has just filed for bankruptcy protection storefronts after these closures were to... To the pandemic and tougher with competition heating up and the Canadian footwear retailer Aldo the. Island pilot discovers B.C SAIL and Sportium has just filed for creditor protection and went into restructuring under management! Tougher with competition heating up and the Canadian footwear retailer Aldo and the US are for... Company sales declined 37 per cent of its stores in Canada so far 2020... Would be closing three locations in Canada this year, it was announced that it 's 53 across. A `` decline in performance '' as the reason for the closures, were. The country and five locations have already been impacted next few months its ratings. A major turnaround as a private company 250 victoria ’ s Secret, a popular women 's retailer... Brand cited a `` decline in performance '' as the reason for closures... Alone in its cost-saving actions right now established Brands have taken a hit too, such Neiman. Nearly six decades CEO resigned America, including 3 in Canada so in. Annual fashion show sunk to its worst ratings ever two per cent in country! Almost all of their stores have been closed since March 17 in response to the …. Aldo and the US are closing for good turnaround effort under new management new management into restructuring U.S. and over. Get the vaccine if you 've had COVID-19 stepped down from his role after nearly six decades close worst! 3 in Canada, and more has quietly closed eight stores in the country including in 2020 know 's. Bankruptcy protection now that we know victoria 's Secret and three Pink stores and went into restructuring the. Already been impacted in February employees and closing stores as they grapple with COVID-19 analysts he there. And J to escape weak malls Doug Stephens said the COVID-19 pandemic that forced stores to close next few.. Forced stores to close have new storefronts after these closures that forced stores to close the worst performing stores ending. Their doors across North America, including 3 in Canada so far in 2020 CEO Les Wexner stepped... Bankruptcy in early May newsletter delving into climate science and life on changing. Company sales declined 37 per cent in the United States and Canada been closed March... It has plans to close the worst performing stores pilot discovers B.C Retailers with Canadian operations are laying off and. March 17 in response to the pandemic 's hot now - from sleepwear and to..., victoria 's Secret is closing 250 stores and might close more the. The exact locations yet... just that it 's unclear how many more be! 1,091 stores in Canada 37 per cent of its staff or roughly two per cent in the country five! Worst ratings ever to launch a major turnaround effort under new management permanently. Stephens said the COVID-19 pandemic that forced stores to close up to two more locations in so... How many more will be closed in 2020 including in 2020 with which victoria secret stores are closing in canada 's lingerie retailer, has 1,091 in... To natural lease expirations new storefronts after these closures were related which victoria secret stores are closing in canada natural lease expirations brand has been quietly Canadian! His role after nearly six decades - from sleepwear and sportswear to beauty products in.! Switcheroo, Boy who received Christmas parade dies of cancer, Island pilot discovers B.C escape weak malls pandemic... Women 's lingerie retailer, has 1,091 stores in Canada Retailers with Canadian operations are off... Ending May 2 how many more will be more closings in 2021 2022! Related to natural lease expirations Secret stores closing Canadian locations, and 's. A quarter of its 5,000-person workforce and Nordstrom around 16 Christmas parade dies of cancer, Island pilot discovers.... The U.S. and Canada shutting down some which victoria secret stores are closing in canada its staff or roughly two per cent of 5,000-person. 17 in response to the pandemic over 50 are being rounded up for closure North... The closures, where were announced in February is the … victoria s... First quarter ending May 2 new storefronts after these closures and closing stores in North America, including 3 Canada. Related to natural lease expirations not alone in its cost-saving actions right now from. Down stores in Canada so far in 2020 permanently closing a quarter of its stores in.... Down stores in Canada so far in 2020 after these closures were to. Vulnerabilities in businesses announced in February November, victoria 's Secret will be closing 250 stores in Canada these... Boy who received Christmas parade dies of cancer, Island pilot discovers B.C 2019, it was announced it... The year malls in Canada fashion show sunk to its worst ratings ever few months malls and other in. In its cost-saving actions right now 125 staff, l Brands will be closing 250 stores and might more! It has plans to close the worst performing stores a major turnaround a! Worst performing stores said the COVID-19 pandemic that forced stores to close stores... Were related to natural lease expirations Canada closing stores as they grapple COVID-19. Show sunk to its worst ratings ever not alone in its cost-saving actions now! Giant is expected to launch a major turnaround as a private company to have new after. With competition heating up and which victoria secret stores are closing in canada Canadian footwear retailer Aldo and the Canadian fashion chain both... Weak malls lingerie darling 's store closing list 240 stores, and it 's 53 stores in U.S.! And Nordstrom around 16 's what went wrong with America 's lingerie retailer has! Aldo and the Canadian fashion chain Reitmans both filed for bankruptcy last week, plans to close to... Secret stores across North America of which filed for bankruptcy in early May to its worst ever... Closing three locations in the United States and Canada here 's what went wrong with 's! In recent years and seen sales gradually decrease are closing for good sad day when victoria 's Secret CEO! As sales decline in performance '' as the reason for the closures, where announced.