Lingerie giant Victoria’s Secret has become the next victim to the lockdown due to coronavirus — the owner, L Brands Inc. filed for protection from creditors last Friday (June 5).
According to Oriental Daily, the company fell into administration which, like filing for bankruptcy, allow them to postpone the payment of unpaid debt. But unlike filing for bankruptcy, the management can still run the business with the consent of the administrators.
L Brands Inc. has over 800 employees and 25 stores of Victoria’s Secret in the UK, all of which has been shut down for weeks due to the lockdown.
Photo source: En24 News
Statistics show that the retail company’s store in the UK has lost 170 million pounds (about RM 923 million) as of February 2019.
However, the business outside of the UK will not be affected.
The pandemic has collapsed many businesses worldwide. Let’s hope it ends soon so we can have our normal lives back.
Cover photo: Sourcing Journal || NBGA
