L Brands, Inc. announced that Sycamore Partners delivered a notice on 22nd April, 2020 purporting to terminate the 20 February, 2020 transaction agreement relating to the sale of a 55% interest in Victoria’s Secret Lingerie, Victoria’s Secret Beauty and PINK announced on 20th February, 2020.
Sycamore Partners also filed a lawsuit in a Delaware court on 22nd April, 2020 seeking a declaratory judgment that its termination of the merger agreement is valid, while L Brands believes that Sycamore Partners’ purported termination of the agreement is invalid.
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L Brands will vigorously defend the lawsuit and pursue all legal remedies to enforce its contractual rights, including the right of specific performance. L Brands intends to continue working towards closing the transactions contemplated by the transaction agreement.