Despite store closures, Bath & Body Works is not facing bankruptcy and online sales are continuing to grow.
The COVID-19 outbreak has forced a number of outlets into making tough decisions, such as deciding to a close store for good. And L Brands has recently had to make some tough decisions, ultimately, choosing to close several Bath & Body Works locations around the country. The company’s first-quarter earnings report shared the store closures plan, in addition to other details about the company’s profits in early 2020.
CNN reported that these closures are going to be taking place in primarily malls. During the social distancing era, more and more people are going to be avoiding the malls and placing online orders. And, foot traffic won’t be increasing anytime soon thanks to the current global pandemic.
Bath & Body Works will still have 1,650 of its 1,700 stores remaining, as the company is only closing 50 locations. In addition, one Canadian store is also going to be shut down.
Unfortunately, L Brands isn’t the only company being hit hard in the brick and mortar retail space by the pandemic. Neiman Marcus filed for bankruptcy last month and JCPenney and J Crew are also filing. Despite the store closures, Bath & Body Works is not facing bankruptcy. In fact, online sales have continued to grow and they are definitely going to keep rising over the next few months. As you might have expected, their sanitizer business has been quite robust, bringing in $100 million last year alone.
Be sure to head to the company’s website, so that you can find out more about all of the deals and products they have available online. Bath & Body Works is also providing a timely sale on hand soaps where you can take home 6 bottles for $26.SKM: below-content placeholder