Victoria's Secret & Co. to cut 160 management jobs
Victoria's Secret & Co. said Tuesday it is cutting 160 management jobs at its Reynoldsburg headquarters as part of a new corporate leadership structure that the retailer says will save $40 million a year and simplify its operations.
"With our brand revolution well underway and gaining momentum, now is the time to reimagine our leadership structure to better align with a shifting consumer landscape and become more efficient as an organization," CEO Martin Waters said in a statement.
The job cuts represent about 5% of home office headcount.
Victoria's Secret, which became its own company a year ago, said the move provides for reinvestment in other jobs focused on the company's strategic initiatives.
The company says it anticipates recording a $30 million charge on its second-quarter results as part of the reorganization and job losses.
The company said its streamlined structure will unite its three lines of business — Victoria's Secret, PINK and Beauty — into a single organization with a goal of enhancing focus on the customer and positioning resources toward high-growth, high-return initiatives.
As part of the restructuring, Amy Hauk has been picked as CEO for the Victoria's Secret and PINK divisions. She has been CEO of PINK since 2018.
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@BizMarkWilliams
This article originally appeared on The Columbus Dispatch: Victoria's Secret cuts 160 management jobs
