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Victoria’s Secret Cuts 400 Jobs
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by Terri Potratz | February 26, 2009 at 11:59 am
1068 views | 14 Recommendations | 6 comments
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Limited Brands, the company that owns Victoria's Secret, Bath & Body Works and Henri Bendel has cut 400 jobs after a Q1 loss. Pay increases are also suspended.
Q4 revenue dropped 8.7% to $2.99 billion.
Those affected by the job cuts will remain on staff until March 7th.
Limited’s 3,014 retail locations include Bath & Body Works and Henri Bendel as well as Victoria’s Secret.
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Most RecentMost Recommended Comments (6)
at 16:22 on February 26th, 2009
this is sad but I suppose people don't have the money to shop at these kinds of stores like they used to.
at 17:32 on February 26th, 2009
I lived in SF when Banana Republic was a store on Polk St and Victoria's Secret was just an office a couple of blocks from where I lived.
Amazing, their success.
When we are broke, we don't need expensive coffee and we don't need luxury items, either. Luxury item sales were down 35 % for Christmas.
at 20:40 on February 26th, 2009
Serves them right. They have sent thousands of jobs overseas and put many of their US based suppliers out of business. They have been extremely arrogant with their business plans over the past several years and now feel the pain. This should be a wake-up call. Put your customer base out of work and they eventually stop buying your products.
at 08:39 on February 27th, 2009
Unfortunately the price was paid by those hard working staff, like my buddy who was let go, not the VPs and top paying executives that ran these companies.
at 20:57 on February 27th, 2009
I beg to differ. my director and my COO got let go including several SVPs in other areas.
at 19:42 on February 28th, 2009
Layoff no mater where are hard to deal with especially when no new Job prospects are around and unemployment is around the 10% mark.