Saks Global Weighs Chapter 11 Bankruptcy Amid Debt Pressures and Luxury Retail Slowdown 
AstraZeneca’s LATIFY Phase III Trial of Ceralasertib Misses Primary Endpoint in Lung Cancer Study 
Eli Lilly and Novo Nordisk Battle for India’s Fast-Growing Obesity Drug Market 
Nike Stock Jumps After Apple CEO Tim Cook Buys $2.9M Worth of Shares 
BP Nears $10 Billion Castrol Stake Sale to Stonepeak 
Nvidia to Acquire Groq in $20 Billion Deal to Boost AI Chip Dominance 
Uber and Baidu Partner to Test Robotaxis in the UK, Marking a New Milestone for Autonomous Ride-Hailing 
John Carreyrou Sues Major AI Firms Over Alleged Copyrighted Book Use in AI Training 
Warner Bros Discovery Weighs Amended Paramount Skydance Bid as Netflix Takeover Battle Intensifies 
Novo Nordisk Stock Surges After FDA Approves Wegovy Pill for Weight Loss 
Waymo Plans Safety and Emergency Response Upgrades After San Francisco Robotaxi Disruptions 
California Regulator Probes Waymo Robotaxi Stalls During San Francisco Power Outage 
Hyundai Recalls Over 51,000 Vehicles in the U.S. Due to Fire Risk From Trailer Wiring Issue 
Italy Fines Apple €98.6 Million Over App Store Dominance 
Moore Threads Unveils New GPUs, Fuels Optimism Around China’s AI Chip Ambitions 
Sanofi to Acquire Dynavax in $2.2 Billion Deal to Strengthen Vaccine Portfolio 
Victoria’s Secret is planning to shut down 50 additional stores following the discontinuation of almost 250 shops last year. It was reported that the termination of store operations in this new wave of closures will be permanent.
L Brand's plans for its subsidiaries
As per USA Today, L Brands, the parent company of Victoria’s Secret, made the announcement on Wednesday, Feb. 24. While it is closing a number of the American lingerie, clothing, and beauty retailer’s stores, the Ohio-based fashion company revealed its plan to set up and open 49 new Bath & Body Works stores across the U.S. and one shop in Canada.
The new stores will not be installed in the malls but will be built in strategic locations. With the opening of these establishments, the ones that are in the malls are going to be pulled out. All in all, 40 shops stationed in malls will be closed up.
For its Victoria’s Secret division, L Brands will still try to revive it and go ahead with its strategy to get it back on track. The company acknowledged the fact that Victoria’s Secret is already struggling to stay afloat, so it wants to turn the brand into a separate company and aiming to achieve this plan within the next six months.
It was added that Goldman Sachs is set to formally begin pitching buyout firms for potential takeover. The investment bank company said it would start as soon as this week.
At any rate, sales at Victoria’s Secret have plummeted since the COVID-19 pandemic began. People have been buying more soaps and other body care products, so Bath & Body Works’ sales have shown a very different result and survived.
Upsurge in L Brands recent shares
Meanwhile, Victoria’s Secret parent company reported its fourth-quarter earnings and shared that they managed to surpass analysts’ estimates. However, L Brands said that sales fell short because of its lingerie unit’s weakness.
CNBC reported that L Brands recorded strong gains this month and even obtained a 5 percent increase in after-hours trading this week. Mostly, it was Bath & Body Works that helped the company achieve a good fourth quarter record.
