LB - Why L Brands Shares Fell 46.6% in March
Shares of L Brands (NYSE: LB) slid 46.6% in March, according to data provided by S&P Global Market Intelligence, after the company temporarily shuttered stores and took steps to preserve its finances as the coronavirus outbreak deepened.
L Brands shut its Bath & Body Works and Victoria's Secrets shops in the U.S. and Canada and furloughed most store employees. The company also drew down $950 million from its revolving credit facility, suspended its quarterly dividend as of the second quarter of fiscal 2020, and cut base pay of senior vice presidents by 20%. L Brands also suspended cash payments to the chairman and board of directors.
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