Stock prices for Victoria's Secret plummeted Wednesday after the company announced it was firing 5% of its management executives, saving roughly $40 million annually.
stock prices plummeted Wednesday following news that the lingerie company was laying off 160 management executives from its home office in Ohio.
The company announced the layoffs on Tuesday, and the company's stock price has dropped nearly 5% as of Thursday morning. The 160 firings constitute roughly 5% of the company's corporate population in Ohio and save the company $40 million annually in salaries. The company buried news of the firings under a press release announcing a "new leadership structure."
"Today’s announcement of a simplified leadership structure will streamline operations, collapse silos and allow the company to optimize spend in management roles, enabling reinvestment in growth initiatives," VS CEO Martin Waters
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