Sycamore Partners Seeks To Cancel Victoria’s Secret Deal.
Music by: Cabaret Nocturne – Blood Walk.
It’s CULTED with your 60-second NEWS BLAST.
Once again things are not looking great for Victoria’s Secret! Yesterday, Sycamore Partners – the company agreeing to buy 55 percent of VS for 525 million dollars – decided to pull out.
Sycamore stated that their decision is due to Victoria’s Secret’s closure of nearly 1000 of their stores, as well as the brand’s decision to furlough most of their employees – actions which could severely damage the lingerie business. These actions were taken within less than a month of signing their agreement!
Sycamore also claimed that the fact that these actions were taken in response to COVID-19, “is no defence”, and that all actions taken were “voluntary”.
Owner of Victoria’s Secret – L Brands – has hit back saying that their reasoning is “invalid”and that they will “vigorously defend the lawsuit”, aiming to force Sycamore to proceed with the deal.
This could potentially be a bad ending for Victoria Secret. What do you think will happen?
Let us know, below!
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