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

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.

The two parties announced the mutual agreement Monday, and neither will pay a termination fee.

“In connection with the termination of the Victoria’s Secret transaction agreement, Sycamore Partners and L Brands agreed to settle all pending litigation and mutually release all claims,” the private equity firm said in a statement.

L Brands, however, plans to proceed with its decision to separate Victoria’s Secret from Bath & Body Works as a stand-alone company.

“Our

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