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Trading was halted in Victoria’s Secret parent company on Wednesday after the stock dropped more than 20 percent on news that a deal to sell 55 percent of the lingerie peddler could collapse. The New York Stock Exchange at 11:13 am said it was halting trading in L Brands, which also owns Bed Bath & …
Trading was halted in Victoria’s Secret parent company on Wednesday after the stock dropped more than 20 percent on news that a deal to sell 55 percent of the lingerie peddler could collapse.
The New York Stock Exchange at 11:13 am said it was halting trading in L Brands, which also owns Bed Bath & Beyond, after the stock fell 20.6 percent to $9.57 a share.
On Wednesday, private equity firm Sycamore Partners filed a lawsuit in Delaware seeking to back out of its offer to buy a 55 percent stake in L Brands’ lingerie business, according to the Wall Street Journal. Sycamore had agreed to fork over $525 million for the controlling stake weeks before the coronavirus shuttered large segments of the economy, including retail.
The deal had been slated to close this quarter.
Sycamore’s lawsuit accused L Brands of being in violation of their purchase agreement, citing the company’s store closures, its failure to pay rent and the furloughing of a majority of its workforce, The Journal reported.
The firm is seeking the court’s blessing to wiggle out of the deal.
