The announcement came amid the release of L Brands' fourth-quarter results, which showed that adjusted operating income at Victoria's Secret's North American operations fell by 35 per cent in the quarter and was down by 45 per cent for the 2018 fiscal year as expenses rose while sales remained flat.
In 2018, L Brand closed 30 stores - one in Canada, the other 29 in the U.S.
Although a change in strategy appears necessary for the survival of Victoria's Secret, which has stuck to the same marketing strategy for decades, it may not sit well with consumers.
The hard holiday period and planned store closures are the latest turmoil for the brand.
A spokesperson for the US -based lingerie brand's parent company declined to tell The Canadian Press which locations will be shuttered in Canada, but says they are part of a plan to slash 53 stores worldwide.
Dozens of Victoria Secret stores in North America are facing foreclosure, following the lingerie chain's recent poor financial performance.
In November, the company's CEO resigned, and in December, its annual fashion show saw the worst ratings ever.
The company has taken several hits over the past couple of years, with almost 30 stores shut down in 2018, Business Insider reports. That number includes 50 Victoria's Secret locations in the US and three in Canada.
The number of planned store closures is a significant increase over recent years. Burgdoerfer said closure decisions are made based on factors including current and projected performance, cash flow and local market factors. Its newest rival is Target, which is launching three size-inclusive lingerie and sleepware brands that will target women across different ethnicities, ages and body shapes.