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L Brands, the parent company of Victoria's Secret, has filed a legal complaint against private equity investor Sycamore Partners after it tried to terminate a deal to buy a majority stake in the troubled lingerie chain.
But L Brands maintains that it was transparent with Sycamore on the ways it is working to shield the lingerie business against the impact of the pandemic and accused the firm of “pure gamesmanship”. As the spat deepens, L Brands filed the claim in a Delaware court on Thursday, claiming that Sycamore’s attempt to end the deal was not valid because the world was aware of the coronavirus crisis when the deal was struck in February.
It added that the “material adverse effect” clause made a specific provision for the impact of the pandemic. Sycamore Partners’ bid to end its deal to buy 55% of Victoria’s Secret for $525 million has turned into one of the biggest examples of a buyer blaming the pandemic for wanting to pull out of a deal, theL Brands added that Sycamore had tried to renegotiate the price of its stake on April 13, before sending the termination notice.
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