Victoria's Secret just announced that they plan on closing 250 stores in the U.S. and Canada permanently. The parent company, L Brands, announced that this news comes after a deal to to sell a majority stake in the company to Sycamore Partners had fallen through. Victoria's Secret had plans to make a spin off of the brand made up of Victoria's Secret Lingerie, Victoria's Secret Beauty, and Pink to establish an independent company. However, Sycamore Partners filed a lawsuit in April to back out of the deal because of Victoria's Secret's decisions during the pandemic to close stores, cut back on new inventory, and not pay rent for the month. Sycamore Partners is claiming that this was in violation of the agreement the two companies made back in February. At the beginning, Victoria's Secret said they would "vigorously defend" the lawsuit and the termination of agreement was "invalid." Now, Victoria's Secret has confirmed that both companies have come to a mutual agreement to terminate the deal.
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