Victoria's Secret Needs a Miracle

The Victoria's Secret brand just isn't what it used to be, and signs of erosion were present even before shoppers began ditching its stores. But now that we have the hard evidence, it's difficult to imagine how the retailer and its parent company, L Brands Inc., come back from this.

There was a time not all that long ago when Victoria's Secret was the place to shop -- whether for teens enamored with its line of Pink lounge wear and body splashes, or women seeking the latest unmentionable fashions. Any beach visit was an advertisement for the brand's swimwear collection and in schools and malls, the scent of Love Spell was unavoidable. Even a long-running TV show -- "America's Next Top Model" -- was partly born out of Tyra Banks's success as a Victoria's Secret Angel. There was also Gisele Bundchen, Heidi Klum, Adriana Lima, and so on. It was whimsical, aspirational and just fun.