Private-equity firm Sycamore is trying to get out of deal to take over Victoria's Secret [MSNBC.com]
L Brands, Inc (LB)
NASDAQ:AMEX Investor Relations:
investors.lb.com
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Source: MSNBC.com
Key PointsPedestrians walk past a Victoria's Secret store, a subsidiary of L Brands, in New York.Craig Warga | Bloomberg | Getty ImagesPrivate-equity firm Sycamore Partners is looking to back out of its deal to take over Victoria's Secret from Sycamore is now seeking the court's approval to break the deal, according to the filing.L Brands said in a statement on Wednesday that it intends to fight the suit, and that Sycamore's efforts to end the agreement are "invalid."."L Brands will vigorously defend the lawsuit and pursue all legal remedies to enforce its contractual rights, including the right of specific performance," the statement said.The company said it "intends to continue working towards closing the transactions" outlined in the proposed deal.Sycamore did not immediately respond to a request for comment.Shares of L Brands were temporarily halted on Wednesday morning. The stock was last down more than 20%.This is a developing story. Please check back for updates.VIDEO10:55How V
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