Victoria's Secret layoffs, on the record
Every job cut, severance charge and restructuring Victoria's Secret reported in its annual reports, 2024 to 2026, quoted from the filings. Headcount went from approximately 30,000 to approximately 33,000.
Headcount, as reported
| Annual report | Employees | As of |
|---|---|---|
| 10-K for 2024 | approximately 30,000 | February 3, 2024 |
| 10-K for 2025 | approximately 31,000 | February 1, 2025 |
| 10-K for 2026 | approximately 33,000 | As of January 31, 2026 |
Job cuts, severance and restructuring
Our summaryImplemented additional restructuring actions in the first quarter of 2023 to reorganize and improve the organizational structure, with severance and related costs recorded in the 2023 income statement.
Word for word“In the first quarter of 2023, the Company implemented additional restructuring actions to continue to reorganize and improve its organizational structure.” 10-K for 2024
Our summaryTook restructuring actions in the second and fourth quarters of 2022 to reorganize the organizational structure, with severance and related costs recorded in the 2022 income statement.
Word for word“During the second quarter and fourth quarter of 2022, the Company implemented restructuring actions to reorganize and improve its organizational structure.” 10-K for 2024
Our summaryAnnounced a simplified corporate leadership structure that eliminated management roles in the home office.
Word for word“The restructuring eliminated approximately 160 management roles, or approximately 5 % of the Company's home office headcount.” 10-K for 2024
Our summaryRecorded a restructuring charge tied to actions to reorganize the business, shown in the non-GAAP reconciliation.
Word for word“Restructuring Charges (c) 11 35 Occupancy-related Legal Matter (d) — 22 Happy Nation Restructuring Charge (e) — 16 Adjusted Operating Income $ 327 $ 566 Reconciliation of Reported to Adjusted Net Income Attributable to Victoria's Secret & Co.” 10-K for 2024
Our summaryRecorded a charge for inventory and other costs tied to restructuring actions associated with Happy Nation.
Word for word“In the fourth quarter of 2022, we recognized a $16 million charge ($12 million after-tax), $15 million included in costs of goods sold, buying and occupancy expense and $1 million included in general, administrative and store operating expense, for inventory and other costs related to restructuring actions associated with Happy Nation.” 10-K for 2024
Our summaryTerminated CEO Martin Waters and appointed Hillary Super as CEO, with Waters receiving severance under his employment agreement.
Word for word“On August 12, 2024, the Board appointed Hillary Super as CEO of the Company and as a member of the Board, effective as of September 9, 2024, and terminated Martin Waters as CEO, effective as of August 13, 2024.” 10-K for 2025
Our summaryEliminated the Brand President and Chief Customer Officer executive officer roles to restructure the executive leadership team.
Word for word“Effective as of September 3, 2024, the Company eliminated the executive officer roles of Brand President, which was held by Greg Unis, and Chief Customer Officer, which was held by Christine Rupp.” 10-K for 2025
Our summaryRecorded severance and related costs for the 2024 executive leadership restructuring, with liabilities outstanding at year end.
Word for word“As a result of these executive leadership changes, pre-tax severance and related costs of $ 13 million were recorded in 2024 and are included in General, Administrative and Store Operating Expenses in the 2024 Consolidated Statement of Income.” 10-K for 2025
Our summaryImplemented organizational restructuring actions to reorganize the organizational structure, with severance costs.
Word for word“In the first quarter of 2023, the Company implemented restructuring actions to continue to reorganize its organizational structure.” 10-K for 2025
Our summaryImplemented organizational restructuring actions in the second and fourth quarters of 2022 to reorganize the organizational structure, with severance costs.
Word for word“During the second quarter and fourth quarter of 2022, the Company implemented restructuring actions to reorganize its organizational structure.” 10-K for 2025
Our summaryThe company restructured its executive leadership team and organizational structure in 2025 and recorded severance, relocation and other expenses.
Word for word“Pre-tax severance, relocation and other expenses related to these activities of $ 13 million, of which $ 10 million are included in General, Administrative and Store Operating Expenses and $ 3 million are included in Costs of Goods Sold, Buying and Occupancy, are included in the 2025 Consolidated Statement of Income.” 10-K for 2026
Our summaryThe company changed its executive leadership in 2024, including a new CEO, the previous CEO's termination and the elimination of two executive officer roles, and recorded related costs.
Word for word“In 2024, the Company made certain executive leadership appointments and changes to restructure its executive leadership team, including the appointment of a new CEO of the Company, the termination of the previous CEO and the elimination of two executive officer roles.” 10-K for 2026
Our summaryThe company reorganized its organizational structure in 2023 and recorded severance and related costs.
Word for word“As a result, pre-tax severance and related costs of $ 11 million, of which $ 8 million are included in General, Administrative and Store Operating Expenses and $ 3 million are included in Costs of Goods Sold, Buying and Occupancy, are included in the 2023 Consolidated Statement of Income.” 10-K for 2026
Our summaryThe company restructured its Adore Me and DailyLook fulfillment operations after operational disruptions, recording inventory reserves and severance expense.
Word for word“(c) In 2025, we recognized a pre-tax charge of $36 million ($28 million after-tax), included in costs of goods sold, buying and occupancy expense, related to inventory reserves and severance expense as a result of unique operational disruptions that led to the restructuring of our Adore Me and DailyLook fulfillment operations.” 10-K for 2026
| Fiscal year ended | Severance costs | Cash paid for restructuring |
|---|---|---|
| 2021-01-30 | $3 million | — |
| 2022-01-29 | — | $13 million |
| 2023-01-28 | — | $18 million |
| 2024-02-03 | — | $16 million |
Victoria's Secret has filed no restructuring notice (Form 8-K, Item 2.05) since 2016. Companies file one only for a cut they judge material, so many announced layoffs never appear as one. This page shows what the company reported to the SEC, not news reports or state layoff notices.
Read from Victoria's Secret’s annual reports (10-K for 2026, 10-K for 2025, 10-K for 2024) and the financial data it files with the SEC, as of 2026-03-20. Every quotation is word for word from the filing linked beside it; how these pages are built and checked. The full record is in its company data sheet.