According to Bloomberg, the company stated, "Given the decline in performance at Victoria's Secret, we have substantially pulled back on capital investment in that business versus our history".
L Brands' chief market officer, Ed Razek, sparked a backlash late past year when he rejected the idea of using plus-size or transgender models, a position he later apologized for.
Victoria's Secret is the latest retailer to announce store closures.
Victoria's Secret is closing dozens of stores this year. The store has been so popular that it was part of the reason that LaSenza, the other lingerie store right next door, shut down. "And we are intensely focused on improving results".
In 2018, the company closed 30 stores.
Total same-store sales, including direct and stores, increased 3%.
Net sales for the year to February 2 were US$13.237 billion compared to $12.632 billion for the 53 weeks ended February 3 last year.
The announcement comes after a rough year for Victoria's Secret.
The results beat the company's own forecasts for the quarter, which it had revised downward midway through 2018.
"The most important thing, in our view, is the merchandise", he said.
L Brands's chief financial officer Stuart Burgdoerfer said in an earnings call Thursday that the impending closings were triggered by Victoria's Secret "not meeting our expectations".