LB - L Brands falls on report of plan to spin off Victoria's Secret

L Brands (LB) dropped 1.9% in premarket trading on a report that the retailer has decided to spin off its Victoria's Secret brand rather than sell it.L Brands received several offers for Victoria's Secret about $3B, though the company rejected them as it was looking for  $5B to $7B, according a New York Times report.Late last month, Bloomberg reportedly L Brands restarted talks with PE firms about a sale of Victoria's Secret unit and was targeting a valuation of $2B-$3B in a sale.The latest report follows last year's failure of the sale of the Victoria's Secret to Sycamore Partners for $1.1B.Also see L Brands attracts Wall Street love as Victoria's Secret deal nears.

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L Brands falls on report of plan to spin off Victoria's Secret