Sycamore Seeks to Terminate Deal to Acquire Majority Stake in Victoria's Secret

Sycamore Partners sent a notice to L Brands, Victoria Secret’s parent company, that it intends to terminate its deal to acquire a 55% stake in the lingerie retailer, the retail conglomerate announced. In tandem, the private equity firm has filed a lawsuit in Delaware’s Court of Chancery seeking a judgment declaring the termination of the transaction agreement as valid.

L Brands said it will “vigorously defend the lawsuit and pursue all legal remedies to enforce its contractual rights.”