RTTNews | Jul 29, 2020 10:47AM EDT

10:47 Wednesday, July 29, 2020 (RTTNews.com) - Shares of specialty retailer L Brands, Inc. (LB) are surging more than 35% Wednesday morning and touched a new high of $26.50.

Tuesday, the parent company of Victoria's Secret and Bath & Body Works provided cost reduction plans of about $400 million a year.

The plans include cutting the workforce by 15% or approximately 850 people, executing previously-announced plans to close 250 Victoria's Secret stores in 2020.

Sales in both Bath & Body Works and Victoria's Secret stores in North America, most of them are reopened, have exceeded the company's expectations.

The company expects a year-over-year decline of 20% in second-quarter sales, as stores were closed for a significant period of time during the quarter due to the COVID-19 pandemic.

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