Headlines

Deal for Sale of Victoria’s Secret Terminated

L Brands, Sycamore Partners reached a mutual agreement

Published

4 years ago

May 6, 2020

VMSD Staff

L Brands (Columbus, Ohio) and Sycamore Partners have come to a “mutual agreement” to terminate the sale of a majority stake in Victoria’s Secret to the private equity group for $525 million, reports Fox Business. Sycamore had previously sued to end the deal before the parties reached this agreement.

“Like all retailers, the company faces an extremely challenging business environment," said Sarah Nash, current director and future Chair of L Brands’ Board. "Our Board believes that it is in the best interests of the company, our stockholders and our associates to focus our efforts entirely on navigating this environment to address those challenges and positioning our brands for success rather than engaging in costly and distracting litigation to force a partnership with Sycamore."

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