Victoria’s Secret parent company L Brands Inc. confirms it’s not paying rent while stores are closed.
These are just some of the steps the company is taking amid the coronavirus pandemic that has forced retailers to shutter stores in North America since March. The news comes just a week after Sycamore Partners — the private equity firm that agreed to buy a majority stake in the lingerie business, including the Pink brand, for $525 million back in February — filed a lawsuit against L Brands saying the company was in breach of its original contract. The reason, the private equity firm alleged, was because the retailer was taking steps amid the pandemic that left it unprofitable.
The next day, L Brands responded with a complaint of its own. The company did not deny or confirm any rent payments, but said the agreement with Sycamore was legally binding.