As Victoria’s Secret continues to struggle with sales while making changes to its brand to become more relevant, the company has reportedly cut its workforce by about 15 percent.
The retailer, led by parent company L Brands (LB), laid off about 50 employees on Wednesday and Thursday with the cuts hitting senior leaders as well as junior staff, CNBC reported. The layoffs reportedly were made at the company’s headquarter location in Columbus, Ohio.
Victoria’s Secret has had a challenging time maintaining its customer base as women look for more diversified and empowered brands. The company’s latest strategy has been to add labels that appeal to more women by pairing up with brands such as Bluebella.
The company has also undertaken a #loveyourself marketing campaign to attract women as it updates its merchandise and overhauls its operations. Victoria’s Secret also announced in February that it was closing 53 stores amid a sales slump.
With the news of the layoffs, April Holt, head of Victoria’s Secret stores and store operations was confirmed by the company to be resigning, the news outlet said. The reason for Holt’s departure was not provided. She was with the company for 16 years, according to CNBC.
Shares of L Brands were up 5.55 percent as of 11:58 a.m. ET on Friday.