The employees of Victoria’s Secret store in Causeway Bay, Hong Kong may not be experiencing a good Thursday morning after the fashion label suddenly announced the termination of all its employees yesterday evening (24 June).
Following the announcement of abrupt sacking of employees, the fashion brand posted a notice at the main entrance of the store which mentioned about the abrupt closure of the store.
The notice also read that all the products will continue to be available online.
Those who visited the store today morning could see a lot of products, including lingerie, being boxed inside the store.
Victoria’s Secret had signed the 10-year lease for its 4-storey rented building in 2017. However, now that the store has been abruptly closed, the lingerie brand may have to pay for the remaining arrears which amount to HK$ 600 million.
As per the reports, Limited Brands, which owns Victoria’s Secret, may face a bill of $77 million for ending the agreement abruptly – which is equivalent to 90 months rent.
Only recently, Victoria’s Secret’s UK arm had fallen into administration following several of its employees being furloughed and sales being hit badly owing to the coronavirus crisis.
Also Read: Victoria’s Secret UK slips into administration; 25 stores at risk
Notably Victoria’s Secret has more than 1,000 company-owned and 18 independently owned stores worldwide.