A whopping 53 Victoria's Secret stores are set to close

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According to CNBC, L Brands executives made the announcement on a conference call Thursday while discussing the company's fourth quarter performance.

L Brands, which operates the up-scale lingerie chain, is planning to close 53 stores this year.

L Brand's net sales rose to $4.85 billion for the quarter ended Feb.3, compared to $4.82 billion in the year-ago period.

Although a change in strategy appears necessary for the survival of Victoria's Secret, which has stuck to the same marketing strategy for decades, it may not sit well with consumers. It has been under increased competition in recent years from such newer online and store rivals as Third Love and Aerie that emphasize more inclusive sizing, comfortable fits and body-positive imaging.

The company cites a decline in overall performance as the main reason for store closures.

All of the closures will be in North America, and will see their actual square footage shrink by 3 per cent.

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Victoria's Secret's path to a turnaround looks challenging, too. On Thursday, L Brands' stocks dropped almost 7 percent.

Gap, JCPenney, and Victoria's Secret announced more than 300 store closures over the course of 24 hours this week, sending a clear signal that the fallout from the retail apocalypse is far from over.

"It's an attractive category", Burgdoefer said of the lingerie business.

For now, maybe L Brands Inc. will look to one of its other stores, Bath & Body Works, which saw a jump of 12 per cent same-store sales, for happier news.

JCPenney said in a news release that it plans on closing 18 full-line stores this year, including three locations that had been announced recently, along with nine home and furniture stores.

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