Limited Stores to Lay Off Hundreds

Previously owned by L Brands, The Limited is set to lay off more than 240 of their employees as early as today according to a letter sent to the Ohio Department of Job and Family Services.

Limited was first opening in Upper Arlington in 1963 and by 1990 had nearly 800 stores across the country. In 2007, Florida-based Sun Capital Partner purchases the retail chain ahead of their 50th anniversary in 2013.

Just last year, they launched The Luxe Collection, a premium jewelry and clothing collection as well as a comfort wear collection.

According to nbc4i, an internal memo circulated penned by Executive Vice President and CEO Larry Fultz said that the company was dealing with “significant debt obligations,” and that they’ve been trying to sell the company for some time.

The Limited Stores is just one of many stores experiencing tumultuous times as the classic idea of the “American Shopping Mall” slowly dies. With major retailers like Sears, JCPenny and Macy’s closing hundreds of locations in the last decade, the home for many of these boutique-chains is disappearing. These stores are called “mall anchors” and drive a majority of traffic, once they begin to disappear other, smaller shops tend to follow a similar route.

According to a report by The Wall Street Journal, department stores would need to close near 800 locations to return to the productivity of 2006.

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