Victoria's Secret To Cut 200 Jobs, Eliminate Certain Categories

Victoria's Secret said Thursday it will lay off 200 employees in Columbus and New York, as part of a restructuring aimed a streamlining the business through the elimination of certain merchandise categories. As part of the restructuring, the lingerie retailer, owned by L Brands Inc. , will reorganize into three business units--Victoria's Secret Lingerie, Pink and Victoria's Secret Beauty. "We are making these changes to accelerate our growth and to strengthen the business for the long term by narrowing our focus and simplifying our operating model," said L Brands Chief Executive Leslie Wexner. Separately, L Brands said overall March sales rose 5% to $1.03 billion, while same-store sales increased 3%. The stock, which was still inactive in premarket trade, has dropped 10% year to date, while the S&P 500 has gained 1.1%.