Victoria’s Secret plans to close up to 235 U.S. stores

The owner of the Victoria’s Secret, Pink and Bath & Body Works retail chains plans to close up to 250 Victoria’s Secret locations in the U.S. and Canada this year.

There is a Victoria’s Secret store in Hanes Mall and two in Greensboro.

Victoria’s Secret has 1,091 stores in the U.S. and Canada. It plans to close 235 U.S. Victoria’s Secret and three Pink stores, as well as 13 stores in Canada.

L Brands Inc. also plans to close 51 Bath & Body Works stores in the U.S. and Canada in 2020. There are two stores in Hanes Mall, three in Greensboro and one each in Asheboro, Burlington, Elkin, Mebane and Mount Airy.

“We are closely evaluating all locations, especially more vulnerable centers for risk of closure,” the company said Wednesday.

L Brands said it remains committed to spinning out Victoria’s Secret, Victoria’s Secret Beauty and Pink as a separate company. Bath & Body Works would be a public company.

Richard Craver

Truliant qualifies for ‘Set aside’ mortgage program

Truliant Federal Credit Union said Wednesday it is offering “Set aside” funds assistance from the Federal Home Loan Savings Bank of Atlanta. Truliant qualified for the program earlier this month.

The program offers forgivable grants to first-time homebuyer costs covering down payment, closing costs and principal reduction for the purchase or rehabilitation of an existing home.

The funds allows distribution for first-time homebuyers of up to $5,000, as well as up to $7,500 for first time home buyers who are current or retired law enforcement officers, educators, firefighters, other first responders, and health care workers.

The program also provides up to $7,500 for first-time or non-first-time veteran homebuyers that are currently serving or have served in any branch of the U.S. military, their spouses, or their surviving spouses. National Guard Reservists are eligible if they have served in active duty or performed services in active duty or were injured in active duty.

It also offers up to $10,000 if available to first-time or non-first-time veteran homebuyers who are currently serving or have served in an overseas military intervention for any branch of the U.S. military, their spouses, or their surviving spouses. National Guard Reservists are eligible for that amount if they have served.

Another program offers up to $10,000 for rehabilitation of an existing owner-occupied home located in a major disaster declaration areas, as designated by FEMA.

There's also up to $15,000 for foreclosure recovery for first-time homebuyers or non-first-time homebuyers buying foreclosure occupied properties.

Richard Craver

Old Dominion Freight Line board declares 15-cent dividend

The board of directors of Old Dominion Freight Line Inc. declared Wednesday a second-quarter cash dividend of 15 cents per share of common stock.

The dividend is payable June 17 to shareholders registered as of June 3.

The dividend was down 8 cents from the 23-cent first-quarter dividend paid March 18. 

The company said the decrease reflects its three-for-two stock split on March 24.

Richard Craver

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