The Victoria’s Secret store in Sherman’s Midway Mall will not be one of the brand’s 53 retail locations slated to close this year.
Pink Manager Brook Jones confirmed Friday that the store, one of the few major brands left at Midway Mall, is not among the planned closings. The store’s parent company L Brands announced this week that is will shutter 53 stores after its shares were down by 7 percent as a result of mixed results in the holiday quarter.
USA Today reported that during a recent L Brands’ earnings call, Executive Vice President and Chief Financial Officer Stuart Burgdoerfer said the need to close stores was “based on the overall performance of the Victoria’s Secret business, not meeting our expectations or having year-on-year declines.”
L Brands, which also owns Bath & Body Works, closed 30 Victoria’s Secret locations last year. It currently has 1,143 Victoria’s Secret stores worldwide.
The 43,000-square-foot location at Midway Mall opened in 1999, and its lease is valid through 2020, Midway Mall Leasing Agent Jenny Parvanova said. Parvanova also said she was confident the store would renew its lease at that time.
L Brands also owns Bath & Body Works, which has a store at Midway Mall and a new location at the Sherman Town Center. Midway Mall employees of Bath & Body Works have previously told the Herald Democrat the older store will remain open even with the addition of the Town Center location.