Victoria’s Secret said it will close 251 stores in North America by the end of this year. That’s roughly 23% of its store fleet.

More store closures could happen in the coming years, Victoria’s Secret interim Chief Executive Officer Stuart Burgdoerfer said on a call with analysts on Thursday.

Burgdoerfer also said that L Brands expects Victoria’s Secret stores will reopen by the end of July. L Brands shares rose as much as 12% in New York trading.