Victoria's Secret to close 250 stores as L Brands starts its big breakup

Victoria's Secret will close 250 stores this year as L Brands Inc. prepares to break up its two capstone brands. The retailer's closures will take place over the course of the year across its North American footprint. It plans a "meaningful number" of store closures in 2021 and likely beyond as well, interim Victoria's Secret CEO Stuart Burgdoerfer said in a call with analysts Thursday. "What we are intensely focused on right now is strengthening the foundation of that business and even addressing…