Financial News
Written by: Lin Leqian
2020-07-29 15:42
Last update date: 2020-07-29 15:42L Brands, the parent company of Victoria's Secret, a female underwear brand that withdrew from Hong Kong earlier, said that the new crown pneumonia epidemic has dealt a blow to the business and plans to cut about 15% of the company's employees, involving 850 jobs.
L Brands pointed out that it expects to save about US$400 million (HK$3.1 billion) annually through cost-cutting measures, and it is expected to save US$175 million in fiscal 2020. The group said in May that it planned to close about 250 branches in the United States and Canada in 2020, accounting for about a quarter of the North American stores.
According to the Group’s annual report, as of February 1 this year, L Brands employed a total of 94,400 employees, of which 68,900 were part-time employees.
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