Victoria’s Secret cuts 160 management jobs

Victoria’s Secret & Co. said Tuesday it is cutting 160 management jobs at its Reynoldsburg headquarters as part of a new corporate leadership structure that the retailer says will save $40 million a year and simplify its operations.

“With our brand revolution well underway and gaining momentum, now is the time to reimagine our leadership structure to better align with a shifting consumer landscape and become more efficient as an organization,” CEO Martin Waters said in a statement.

The job cuts represent about 5% of home office headcount.

Victoria’s Secret, which became its own company a year ago, said the move provides for reinvestment in other jobs focused on the company’s strategic initiatives.

The company says it anticipates recording a $30 million charge on its second-quarter results as part of the reorganization and job losses.