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L Brands Lays Off 50 Amid Victoria's Secret Restructuring

 In this April 4, 2018, file photo, shoppers walk past the Victoria's Secret store on Broadway in the Soho neighborhood of New York.
Mary Altaffer
/
Associated Press
In this April 4, 2018, file photo, shoppers walk past the Victoria's Secret store on Broadway in the Soho neighborhood of New York.

Victoria’s Secret has announced a restructuring that will include cutting back around 15% of its corporate office employees. 

An L Brands spokeswoman described the move as a "reset." About 50 employees are losing their jobs, and the lingerie company is bringing in new people to fill leadership roles. 

In an emailed statement, the spokeswoman writes the effort is meant to turn around the business and “everything is on the table including having the right talent in the right places." They added the changes will "help us simplify the business which allows us to be more agile.”

In its most recent quarterly report, L Brands reported a 6% decline at Victoria's Secret. The share price, hovering below $18, is down about 35% from its 2019 peak.