(Bloomberg) — Sycamore Partners moved to terminate its purchase of a controlling stake in lingerie brand Victoria’s Secret from L Brands Inc., saying the retailer can’t blame the coronavirus outbreak for violating terms of the agreement.The private equity firm said moves such as failing to pay rent and furloughing thousands of workers amid widespread retail disruption sparked by the outbreak have reduced the company’s value. “That these actions were taken as a result of or in response to the Covid-19 pandemic is no defense,” according to the complaint in the Delaware Chancery Court.If the deal is canceled, it will be …read more
Source:: Yahoo Finance
