Having recently said goodbye to founder and former CEO Leslie Wexner, the Columbus, Ohio-based owner of Victoria’s Secret and Bath & Body Works reported a 37.1% decline in revenues for the first quarter on Wednesday.
The founder of the Ohio-based retailer officially stepped down from his role as CEO and chairman at the company’s annual meeting on Thursday, where discussions also focused on future plans for Victoria’s Secret.
L Brands said on Monday it has agreed to call off the sale of its majority stake in Victoria’s Secret lingerie business to Sycamore, averting a bitter legal battle between the two companies over the $525 million deal.
L Brands Inc filed a legal complaint against Sycamore Partners on Thursday, after the buyout firm walked away from a $525 million deal to acquire a majority stake in the company’s Victoria’s Secret lingerie brand.
Sycamore Partners disclosed it has 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
With North American retailers implementing store closures to combat the spread of Covid-19 since the weekend, Tuesday’s announcements have come from the likes of Macy's, Ralph Lauren, AEO, Foot Locker and Tapestry.