Private equity firm Sycamore Partners is looking to back out of its deal to buy a majority stake in Victoria’s Secret, according to a court filing
... [+] on Wednesday.which owns Victoria’s Secret, PINK and Bath & Body works,to buy a
55% stake in Victoria’s Secret in a deal that valued the lingerie chain at $1.1 billion. It also marked an exit for billionaire founder and CEOAmong the violations cited were store closures and employee furloughs. Like other non-essential retailers, L Brands was forced toin the U.S. and Canada in mid-March in an effort to slow the spread of the coronavirus. It also furloughed store workers.
Sycamore Partners said it has also continued to sell out-of-season styles and pulled back on new inventory, which has “saddled the Victoria’s Secret business with a stock of merchandise of greatly diminished value,” according to the filing.
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