Many retailers suffered at the hands of online shopping this holiday season. The Limited has also announced that it is closing all 250 of its stores. It’s assumed that this is due to consumer preference for online shopping.
Leslie H. Wexner started The Limited in 1963. The store got its name for its limited variety of women’s apparel. What started out as a 2,000-square foot establishment, became the largest presence to circulate shopping malls. The Limited even began to dominate many larger retailers.
The more his business grew, the more ideas Wexner began to harbor. He opened The Limited Express and Structure, which sells men’s apparel. His company L Brands had brief control of Abercrombie & Fitch, Lane Bryant, and other companies. Wexner even took ownership of Bath & Body Works and Victoria’s Secret in 1982.
However, the red flag went up to shoppers in December. The stores posted 80 percent mark downs at many of its locations. What really sparked concern was the refusal of returns.
Back in November, the company released a letter to its employees announcing that mass layoffs were in the future. According to the Washington Post, The Limited said, “product misses and massive shifts in retail shopping trends have been especially difficult for the company’s business, and the company is dealing with significant debt obligations.”
Shopper from Washington to New York have been receiving e-mails from The Limited announced store closures near them. It seems that shoppers are also seeking alternatives for fashion these days. Liz Dunn, from Talmage Advisors, says shoppers are looking for “inexpensive” apparel. She also pointed out that many consumers seek “what’s going on in fashion right now.”
Despite the 4,000 jobs lost due to store closings, the company’s website will remain open. The Limited joins Macy’s who closed many of its stores and eliminated 10,000 jobs.
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