Buyout firm Sycamore Partners disclosed on Wednesday it had walked away from a $525 million deal to acquire a majority stake in Victoria's Secret, after the lingerie brand shut down stores and furloughed staff in response to the coronavirus outbreak.
- Buyout firm Sycamore Partners disclosed on Wednesday it had walked away from a $525 million deal to acquire a majority stake in Victoria’s Secret, after the lingerie brand shut down stores and furloughed staff in response to the coronavirus outbreak.
Victoria’s Secret owner L Brands Inc vowed to challenge the move, setting up the first major U.S. legal fight over the termination of a merger agreement because of the pandemic, which has shut down large swaths of the economy. L Brands also furloughed most of its Victoria’s Secret employees and reduced compensation for senior staff and took other actions that could hurt the lingerie business, Sycamore said in the filing.
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