Management is restructuring the company to focus on intimate apparel and personal care chains, such as its Victoria's Secret and Bath & Body Works stores. The company is growing both of those chains, which total more than 2,500 units.
Limited is also cutting about 10% of the 5,300-person workforce in its corporate and brand-home offices. Executives do not plan to eliminate workers in stores, distribution warehouses or call centers.
Additionally, Limited has boosted its previously announced $500-million share repurchase program to $1 billion. The company has so far purchased $190.5 million in shares and also intends to raise $1.25 billion in debt to fund the repurchase program and other ventures.
Limited Brands has had a shift in executive leadership in the last month. Neil Fiske, Bath & Body Works' chief executive officer, is leaving the company to lead Eddie Bauer. Diane Neal, Bath & Body Works' president and chief operating officer, is taking his place. The company also hired Bill May, formerly chief operating officer at Payless ShoeSource, was named chief operating officer of Victoria's Secret.
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