1. Victoria's Secret Partnership with Sycamore Partners Implodes After Coronavirus

    Victoria's Secret Partnership with Sycamore Partners Implodes After Coronavirus
    • Sycamore Partners will not acquire a majority stake in Victoria's Secret, according to a statement from L Brands on Monday.
    • The private equity firm had valued the lingerie brand at $1.1 billion in February, and planned to acquire a majority stake.
    • In April, Sycamore filed suit against L Brands, arguing that Victoria's Secret's response to the coronavirus pandemic had constituted a breach of contract...
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    1. Like all retailers, the company faces an extremely challenging business environment.
    2. In connection with the termination of the Victoria's Secret transaction, L Brands and Sycamore Partners agreed to settle all pending litigation and mutually release all claims.
    3. We are implementing significant cost reduction actions and performance improvements at Victoria's Secret while continuing to drive strong growth at Bath & Body Works. We will continue to make decisions and take actions with the best interests of all our stakeholders and the future of our company in mind.
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