L Brands and Sycamore Agree to Terminate Victoria’s Secret Deal

The retailer and private equity firm mutually decided to cease litigation as Covid-19 continues to upend retail

The deal was to separate Victoria's Secret from its parent, and neither company will pay a termination or breakup fee. Getty Images

L Brands has inked an agreement with Sycamore to terminate a deal in which the retailer planned to sell a 55% stake in Victoria’s Secret to the private equity firm for $525 million.

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@RichCollings richard.collings@adweek.com Richard Collings is a retail reporter at Adweek.