Limited Brands Announces Sale of Remaining Stake in Limited Stores
COLUMBUS, Ohio, June 17 /PRNewswire-FirstCall/ -- Limited Brands, Inc. (NYSE: LTD) today announced the sale of its remaining 25 percent stake in Limited Stores, LLC. Under the transaction terms, Limited Stores, LLC, which operates retail locations called The Limited, purchased Limited Brand's remaining interest in the company for $32 million.
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In 2007, Limited Brands sold a 75 percent stake in Limited Stores to an affiliate of Sun Capital Partners, a private investment firm that now owns 100 percent of Limited Stores. Limited Stores has more than 220 mall locations throughout the United States.
"This sale supports our focus on intimate apparel, personal care and beauty products," said Leslie H. Wexner, Chairman and Chief Executive Officer of Limited Brands. "We wish our long-time partners at Limited Stores continued success... this transition further enables both teams to win."
"This buyback is more than a financial transaction. It is recognition of the successful efforts over the last three years to 'restart' Limited Stores, as well as a demonstration of the confidence Sun Capital has in our future," said Linda I. Heasley, Chief Executive Officer of Limited Stores. "And it's a great future. We continue to have a strong balance sheet after completing this transaction and are opening 10 stores this year and planning an additional 20 in 2011. As we transition to a new relationship with Limited Brands, we hasten to add that we are grateful for all we learned from Les and wish everyone in that organization well."
Limited Brands continues to provide logistics and sourcing services to Limited Stores.
ABOUT LIMITED BRANDS:
Limited Brands, through Victoria's Secret, Pink, Bath & Body Works, C.O. Bigelow, La Senza, White Barn Candle Co. and Henri Bendel, presently operates 2,969 specialty stores. The company's products are also available online at www.VictoriasSecret.com, www.BathandBodyWorks.com, www.HenriBendel.com and www.LaSenza.com.
ABOUT THE LIMITED (www.thelimited.com)
Based in Columbus, Ohio, Limited Stores, LLC is well-known for the store concept that began mall-based specialty retailing as we know it. Drawing on more than 40 years of presence in American shopping centers to operate stores called The Limited as well as an on-line business, this iconic fashion retailer offers high-quality, private-label apparel designed to help the modern woman succeed. Design-driven, fashionable styles include suiting, sweaters, dresses, denim, outerwear, and accessories -- to suit her lifestyle demands, from workday to weekend. Limited Stores has over 220 mall locations throughout the United States, and is an affiliated portfolio company of Sun Capital Partners, Inc.
ABOUT SUN CAPITAL PARTNERS, INC.
Sun Capital Partners, Inc. is a leading private investment firm focused on leveraged buyouts, equity, debt, and other investments in companies that can benefit from its in-house operating professionals and experience. Sun Capital affiliates have invested in more than 225 companies worldwide with combined sales in excess of $40 billion since Sun Capital's inception in 1995. Sun Capital has offices in Boca Raton, Los Angeles, and New York, as well as affiliates with offices in London, Paris, Frankfurt, Luxembourg, Shanghai and Shenzhen. For more information, please visit www.SunCapPart.com.
SOURCE Limited Brands
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