Victoria’s Secret is fighting back.
The retailer is standing its ground, saying Sycamore Partners, the private equity firm that agreed to buy a majority stake in the intimates brand last February for $525 million, needs to pay up, according to a complaint filed in a Delaware court Thursday. Not only that, but Sycamore’s objections are likely the investment firm’s attempts to renegotiate the price of the business, said Victoria’s Secret’s parent company L Brands.
The sale of the lingerie business came into question only a day earlier, when Sycamore filed a lawsuit of its own, alleging that L Brands had violated the terms of the deal when the company “took the voluntary actions” of temporarily closing stores and furloughing employees during the coronavirus outbreak. Now Sycamore wants a Delaware judge to terminate the deal.
Meanwhile, the coronavirus pandemic was first identified in Wuhan, China — where it is believed to have originated — in late 2019. L Brands also pointed out that it will still be a minority shareholder in Victoria’s Secret — 45 percent — and therefore “has every economic incentive to preserve the value” of the business.
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