A year after an agreement to sell Victoria’s Secret fell apart as the pandemic emptied shopping centres across the US, the chain will be spun off by its owner to become a separate company.
L Brands, based in Columbus, Ohio, has been shopping the struggling chain elsewhere since the collapse of that deal and said it had held talks with a number of potential buyers, but it appears it could not come to an agreement on price.
Victoria’s Secret was to be sold to Sycamore Partners last year for about 525 million dollars (£371 million), but the private equity firm sued to get out of the deal citing the coronavirus pandemic.