It was only a matter of time for this house of cards to start crumbling. You can't make all of the decisions based on favoritism instead of merit and not expect to see some serious consequences.
Not to mention, when the main reaction to something going wrong is to immediately point fingers and find somebody else to blame instead of actually trying to fix things, then you can't be surprised when at some point things can't be fixed anymore even if you try.
If somebody told me ten years ago that I'd be desperately looking to leave Victoria's Secret on my own, I'd have called them a liar. But things have changed so much that this place is now unrecognizable.
I personally think that the latest layoffs and store closings are just a start. I really don't see a bright future here.