Amid closing stores and financial struggles, Victoria’s Secret may be canceling its 2019 Fashion Show after 23 years.

Model Shanina Shaik, 28, announced the news to The Daily Telegraph on Tuesday saying, “Unfortunately, the Victoria’s Secret Show won’t be happening this year. It’s something I’m not used to because every year around this time I’m training like an Angel. But I'm sure in the future something will happen, which I'm pretty sure about."

According to Shaik, the reason for the cancelation of the famed show may be due to the company’s renewed focus on “branding.” She also told the news outlet that the company is looking at “new ways to do the show because it's the best show in the world.”

This is not the first announcement about the fashion show as it was revealed earlier that the event might not air on television this year, a departure from the retailer’s previous format, CNBC reported.

L Brands (LB), the parent company of Victoria’s Secret, CEO, Les Wexler said in a memo obtained by the news outlet, that the television network wasn’t the “right fit” for the Victoria’s Secret Fashion Show.

“Fashion is a business of change. We must evolve and change to grow,” Wexler said in the memo. “With that in mind, we have decided to re-think the traditional Victoria’s Secret Fashion Show.

“In 2019 and beyond, we’re focusing on developing exciting and dynamic content and a kind of event — delivered to our customers on platforms that she’s glued to…and in ways that will push the boundaries in the global digital age,” he added.

Victoria’s Secret Fashion Show first aired on ABC in 2001. CNBC reported that the 2018 show had the worst ratings in the event’s history.

Shares of L Brands were up 0.49 percent as of 11:14 a.m. ET on Wednesday.

 Victoria's Secret Models
Models including Kendall Jenner, Lily Aldridge and Gigi Hadid posed for a group photograph during a photocall before the Victoria's Secret Fashion Show at the Grand Palais in Paris. REUTERS/Benoit Tessier