LB - L Brands: Victoria's Secret Sale Was A Flop
Source: Barron's
Last week L Brands (LB) confirmed the sale of its Victoria's Secret brand to Sycamore Partners:
L Brands confirms its deal with Sycamore Partners to privatize the Victoria's Secret business and position Bath & Body Works as a highly profitable, standalone public company.
Under the terms of the transaction, Victoria's Secret, with a total enterprise value of $1.1B will be separated from L Brands into a privately-held company majority-owned by Sycamore. After taking into account certain liabilities, Sycamore will purchase a 55% interest in Victoria's Secret for approximately $525M and L