Sycamore Partners intends to abandon the deal to acquire Victoria’s Secret from L Brands, the lawsuit said Wednesday. A deal to sell Victoria’s Secret was concluded in February. This happened a few weeks before the coronavirus pandemic began to undermine the US economy and lead to the closure of thousands of retail stores, CNBC reports.
A Sycamore statement said L Brands’ decision to close its stores and skip rent in April violated the deal. Sycamore is currently seeking court approval to terminate the transaction.
L Brands said in a statement on Wednesday that it intends to deal with the lawsuit, and that Sycamore’s efforts to terminate the agreement are “invalid.”
Earlier, the American company L Brands announced the sale of its lingerie brand Victoria’s Secret. The buyer of a controlling stake was Sycamore Partners, a private investment company that will acquire 55% of Victoria’s Secret. The deal should cost about $ 525 million.
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