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Victoria’s Secret Announced Restructuring Plans: 200 Employees to Lose Their Jobs

Victoria’s Secret Announced Restructuring Plans: 200 Employees to Lose Their JobsThe Biggest Woman Lingerie brand, Victoria’s Secret announced their plans for restructuring. The company will reorganize and create three different units, named as Victoria’s Secret Lingerie, PINK and Victoria’s Secret Beauty. Also, in a press release published by company, they’ve announced the layoff of the 200 employees. Leslie Wexner, who is the Chairman and CEO of this lingerie brand, said that it is the right time to start restructuring the company for better future. Leslie Wexner occupied the post of CEO of Victoria’s Secret after the CEO Sharon Turney resigned unexpectedly. The all newly formed units of the company will report each and everything to the current CEO, Leslie Wexner.

The business analysts are saying that this is the good decision taken by the company CEO. According to the analysts, the Victoria’s Secret is a saturated business. They’ve almost 1,118 stores opened in the United States and there is no room to grow their activities as solely lingerie maker. The Decision of dividing the operations into three different units is an astute decision by company CEO, Leslie Wexner.

The Victoria’s Secret, which started in 1977, was long time lingerie market leader. In 2015, the company achieved $1 billion in sales, which is better than any of their competitor, but the time has changed, and there are many competitors the brand, who is giving tough competition. The reason behind this restructuring is the need grow and survive as a leader in tough competition.