A deal made in February that would have had L Brands (USA) and Sycamore Partners (USA) share control of Victoria’s Secret has been cancelled.
The $525 million deal fell apart after Victoria’s Secret was forced to close all of its stores during the nationwide lockdown in the U.S. last month. Sycamore Partners argued those changes were in violation of the transaction, according to Law 360.
“As part of L Brands’ strategy, the company remains committed to establishing Bath & Body Works as a pure-play public company,” and is preparing for Victoria’s Secret to operate as a separate company, L Brands said in a statement.
