Victoria’s Secret owner to cut 15% of its home office workforce

(Reuters) – L Brands Inc. said on Tuesday it was cutting 15% of its home office workforce, or about 850 associates, as the Victoria’s Secret owner restructures its operations to cut costs in the face of the COVID-19 pandemic.

The company also said it would deliver about $400 million in annualized cost cuts for Victoria’s Secret as part of its plan.

(Reporting by Aditi Sebastian in Bengaluru; Editing by Anil D’Silva)