NEW YORK (AP) — The owner of Victoria’s Secret and Bath & Body Works said Tuesday that it is cutting 850 office jobs, or about 15% of its corporate workforce.
L Brands, like other retailers, has been dealing with a sharp drop in sales after temporarily closing stores due to the coronavirus pandemic. Levi’s, for example, said earlier this month that it would cut 700 office jobs, also adding up to 15% of its corporate workers.READ MORE: Lockdown-Violating Underground Gatherings Investigated Over Recent Spate of San Jose Shootings
L Brands, based in Columbus, Ohio, said it expects second-quarter revenue to have fallen 20% from a year ago.READ MORE: The Game Changer: New Test Helps Doctors Find Hidden Prostate Cancer
The company is in the midst spinning off Victoria’s Secret into a separate company after a deal to sel l it this year was scrapped. It plans to focus on running Bath & Body Works on its own.MORE NEWS: Oakley School Board Interim Trustees Vote to Fill Vacant Seats; Reject Special Election
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