"Have you been to Victoria's Secret lately? ... "Many others haven't either," Cramer said on "Squawk on the Street." "[They also had] a very big guide-down today, in terms of the comp-store sales for the chain."
On Thursday, the company said its same-store sales rose 1 percent last month, well below the consensus estimate of 4.8 percent, sending the stock more than 10 percent lower in early trading.
L Brands shares ended Thursday down 12 percent.
"This is a big change because L Brands had been doing well. People felt like they had somehow been able to trump the mall. There's a management juggle with L Brands management, but this is jarring, and it's a reminder that, if it's in the mall, it's just getting mauled," Cramer said.
L Brands shares have fallen more than 21 percent in the past year and 26 percent in 2016.
LB shares this year
Disclosure: Cramer's trust did not own L Brands stock when this article was published.