NEW YORK (AP) — Victoria’s Secret won’t be bought after all. L Brands, which owns the lingerie seller, said Monday that it has agreed to end a February deal that would have sold a controlling stake of Victoria’s Secret to private equity firm Sycamore Partners.
Last month, Sycamore Partners sued to get out of the $525 million deal, citing the coronavirus pandemic, which forced the chain to close its stores and lose sales.
On Monday, L Brands said the lawsuit with Sycamore Partners was settled. L Brands said it now plans to spinoff Victoria’s Secret into a separate company and focus on running its Bath & Body Works chain.