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In a tumultuous year for retailers that's already seen a slew of store closings and five bankruptcy filings, risqué lingerie shop Frederick's of Hollywood told The Wall Street Journal that it will close at least one-third of its stores, in an effort to turn around the business.
"Landlords have been very, very agreeable of letting us out of some very unprofitable locations…. These stores should have been closed years ago," Frederick's Chief Operating Officer Bill Soncini told the publication.
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The company currently operates 93 stores in 27 states.
The retail sector has been pinched by a number of factors, including the shift to e-commerce, emerging companies, and what many consider to be an inundation of stores. This has led to bankruptcy filings from RadioShack, Wet Seal, Caché, C. Wonder and SkyMall just in this calendar year.
Wells Fargo analyst Paul Lejuez wrote in a note to investors on Friday that what's particularly notable about the "growing retail graveyard" is that a number of the struggling companies have been specialty stores.
"Over the last year, we have seen eight specialty apparel retailers declare bankruptcy, nearly the same number that went bankrupt from 2008 through 2013 combined," he said.
"While the rise of fast fashion has hurt the softlines sector, our view is that [e-commerce] has been the death blow for many marginal softlines players," he said. Softlines retailers include apparel stores such as Wet Seal and Caché.
Frederick's news comes on the heels of Victoria's Secret parent L Brands' reporting that it achieved record sales of $783.1 million in the fourth quarter, which sent its shares to an all-time high above $92. Its stock price has since pulled back a little, but is still trading near $90.