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L Brands plans to reduce 15% of its workforce

L Brands Inc. said it plans to lay off about 850 of the company’s employees, or about 15% of jobs at its home office, the latest restructuring at the controversial retail company.

The company, which owns the Victoria’s Secret and Bath & Body Works chains, said it would save about $ 400 million annually on layoffs and other cost-cutting measures, such as reducing inventory and closing stores.