Victoria’s Secret Cuts 400 Jobs

Columbus, Ohio-based Limited Brands, owner of the Victoria’s Secret retail chain, predicted a Q1 loss and cut 400 jobs as consumers reduce spending on lingerie.

Limited is also suspending pay increases, reducing capital spending and slowing store growth.

Q4 net income dropped 96% to $16.1 million. Revenue fell 8.7% to $2.99 billion.

Most of the jobs cut at Limited Brands will remain on its payroll until March 7th.

Limited’s 3,014 retail locations include Bath & Body Works and Henri Bendel as well as Victoria’s Secret.