Victoria’s Secret is an American underwear chain that started in California in the late 70s. Many recognize the brand for its world-renowned annual fashion shows with supermodels wearing angel wings and dreamlike creations taking over the catwalk.
The underwear chain was opened in 2016 in Nordstan, Gothenburg, with a large selection consisting of colorful underwear, beauty products and accessories.
Victoria’s Secret under the “bankruptcy hat”
It is the company itself, Amarla Retail SA, that filed for bankruptcy. In documents to the district court, it appears that the underwear giant cannot pay its debts on time and that this is not temporary. The stores in Mall of Scandinavia, Gallerian in Stockholm and Femman in Gothenburg will be kept open for a while longer, writes Ehandel.
– At the moment the plan is to try to keep the stores open and maintain sales as before, but now under my and the bankruptcy estate’s hat, says Lars Lundbergbankruptcy administrator at 7Wise Advokatbyrå, to news site.
Victoria’s Secret’s million loss
The company has drawn loss figures over the years. In 2019, the company had a turnover of SEK 55 million, but lost SEK 161 million. In 2020, however, that picture improved with sales of 76 million and a loss of 52 million.
Victoria’s Secret is known for its annual fashion shows. Photo: Evan Agostini/AP