HOLLYWOOD (CBSLA.com) — For almost seven decades, Frederick’s of Hollywood has been known for its steamy and racy lingerie.

But soon, the retailer will close a third of its 93 locations in the United States, including the flagship store on Hollywood Boulevard.

“It’s Frederick’s. It’s part of Hollywood Boulevard. You can’t do that,” said one woman while another said: “It’s disappointing to hear because I know me and all my friends, we enjoy shopping there.”

According to published reports, Frederick’s chief operating officer said they’re in the process of re-engineering the business.

As KCAL9’s Rachel Kim reports, the company is now trying to avoid its second bankruptcy in less than two decades after struggling to compete with mainstream brands like Victoria’s Secret.

Joseph Katz, a style expert, says Victoria’s Secret is one of several lines women have to choose from.

“And now with all these different lingerie brands from online to in big department stores, like Calvin Klein, and now designers are getting into lingerie, it’s just really taken so much of the marketplace,” Katz said.

Not only are more options available, Katz believes Frederick’s needs to evolve with the times and appeal to the modern woman.

“The woman today is so busy. She’s got kids. She wants something that she can get in, you know, take care of her kids, take them to school, and then still look very sexy in the evening. You don’t want to have just that one niche market,” he said.

Sales have started at affected stores, with the Hollywood location scheduled to close in April.

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