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L Brands (LB) is in a tough situation. While its Bath & Body Works business has been thriving despite the pandemic, its Victoria’s Secret business has been struggling to create value in the last couple of years. As a result, L Brands' stock has been depreciating in the last few years and only recently started to recover from its 5-year low levels. The good news is that the growth of the company’s digital channels in Q1 and Q2 shows that L Brands is still capable of creating shareholder value. The problem is that