LB - At Victoria's Secret Coronavirus Is Even Preventing E-Commerce Sales
Last month, retailer L Brands (NYSE: LB) reduced its exposure to the lingerie market by selling a 55% stake in Victoria's Secret to private equity firm Sycamore Partners. L Brands still held onto a 45% interest in VS, though -- and now that's looking like that might have been a mistake.
In an 8-K filing with the Securities and Exchange Commission Tuesday, L Brands announced it will "temporarily close all Bath & Body Works, Victoria's Secret and PINK stores in the United States and Canada, effective March 17 through March 29, 2020," in order to promote social distancing.
Just two days later, the company already needs to update that policy. Today, the company says it has "made the decision to suspend all new e-commerce orders for Victoria's Secret and PINK through March 29, 2020."