L Brands Slims Headquarters Staff in Victoria’s Secret Overhaul

(Bloomberg) -- The parent of struggling lingerie retailer Victoria’s Secret is cutting about 50 of the chain’s employees at its headquarters as its tries to right the ship.

L Brands Inc. is laying off about 14% of Victoria’s Secret’s corporate staff in New York and Columbus, Ohio, according to a person familiar with the move.

Separately, the chain has lost its head of store operations, April Holt, who’s departing for personal reasons, L Brands spokeswoman Tammy Roberts Myers said. Holt will be replaced on an interim basis by Becky Behringer, she said.

“Everything is on the table including having the right talent in the right places,” Roberts Myers said by email.

The reshuffle comes one month after L Brands laid out a multipart plan to reconnect with Victoria’s Secret customers, who have increasingly turned to rivals that embrace female empowerment and diverse body types. Investors and analysts have questioned whether the chain’s current leadership can revive the brand.

Holt’s departure is “another signal that the company’s turnaround strategy is failing to gain traction,” Jefferies analyst Randal Konik said.

The New York Times was the first to report the layoffs.

To contact the reporter on this story: Jordyn Holman in New York at jholman19@bloomberg.net

To contact the editors responsible for this story: Crayton Harrison at tharrison5@bloomberg.net, Matthew Boyle

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