Sycamore Partners Confirms Mutual Termination of Transaction Agreement with L Brands

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May 04, 2020, 16:43 ET

NEW YORK, May 4, 2020 /PRNewswire/ -- Sycamore Partners, a private equity firm specializing in consumer, retail and distribution investments, today confirmed a mutual agreement with L Brands to terminate their transaction agreement, previously announced on February 20, 2020, under which an affiliate of Sycamore Partners was to acquire a 55% interest in Victoria's Secret for approximately $525 million. In connection with the termination of the Victoria's Secret transaction agreement, Sycamore Partners and L Brands agreed to settle all pending litigation and mutually release all claims.

Neither party will be required to pay the other a termination fee or other consideration as a result of the mutual decision to terminate the agreement and settle the pending litigation.

About Sycamore Partners

Sycamore Partners is a private equity firm based in New York. The firm specializes in consumer, retail and distribution investments and partners with management teams to improve the operating profitability and strategic value of their business. Sycamore has approximately $10 billion in assets under management. The firm's investment portfolio currently includes Belk, Coldwater Creek, CommerceHub, Hot Topic, MGF Sourcing, NBG Home, Pure Fishing, Staples, Inc., Staples United States Retail, Staples Canada, Talbots, The Limited and Torrid.

Media Contacts
Steve Lipin / Felipe Ucros
Gladstone Place Partners
(212) 230-5930

SOURCE Sycamore Partners