L Brands posted a $49.6 million loss during its second quarter of the current financial year as compared to profit of $37.6 million a year earlier. The company’s revenues of declined to $2.3 billion during the quarter from $2.9 billion a year earlier.

Total sales from Victoria’s Secret’s North American business — which includes the lingerie, beauty and Pink— declined 39 percent to $977 million. Same-store comparable sales declined 10 percent during the quarter. The company took a number of important steps to prepare Victoria’s Secret and Bath & Body Works to operate as standalone separate companies, improve L Brands’ profitability, maintain liquidity during the pandemic and maximize its financial performance.

That includes securing Goldman Sachs and JP Morgan to serve as financial advisers in the process of turning Victoria’s Secret into a private company. The company also plans to close 250 stores in 2020, with many more closures likely to occur in 2021