L Brands, the parent company of a number of retail clothing stores, says it plans to close 53 Victoria's Secret stores in 2019.
The company has not said which stores it plans to close.
According to CNBC,L Brands executives made the announcement on a conference call Thursday while discussing the company's fourth quarter performance.
Victoria's Secret currently operates more than 1,100 stores worldwide.
CNBC reports that Victoria's Secret, known best for sexy lingerie, is losing market share to companies that offer more comfortable underwear. Consumers are also skeptical that the brand is not inclusive enough to all body types.
L Brands stock was trading down eight percent on Thursday. The Columbus, Ohio company also operates Bath & Body Works.
