Private-equity firm Sycamore Partners wants to scrap its plans to acquire Victoria’s Secret for $525M.
“Unfortunately, L Brands has failed to do this in a myriad of ways that have materially and irreparably damaged the Victoria’s Secret business. While we acknowledge that the COVID-19 pandemic is an international tragedy and health emergency, we are equally certain that it does not excuse the performance of L Brands’ obligations under the transaction agreement.”
Stefan Kaluzny, President of Sycamore
Sycamore’s actions followed Victoria’s Secret furloughing the majority of its workers and skipping it's April rent payments, which were violations of the proposed transaction.