NEW YORK (CBSNEWS.COM) – Victoria’s Secret will close 53 stores this year as the lingerie chain continues to lose ground to the competition, which includes startups and large retailers.

A disappointing holiday showing preceded the planned cutbacks, with sales at stores open at least a year falling 7 percent during the quarter, parent company L Brands said late Wednesday.

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“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 said in the earnings commentary.

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Victoria’s Secret store. (credit: Bryan Bedder/Getty Images)

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