Sycamore Partners disclosed it has walked away from a $525 million deal to acquire a majority stake in Victoria’s Secret, after the lingerie brand shut down stores and furloughed staff in response to the coronavirus
With North American retailers implementing store closures to combat the spread of Covid-19 since the weekend, Tuesday’s announcements have come from the likes of Macy's, Ralph Lauren, AEO, Foot Locker and Tapestry.
As the Columbus, Ohio-based retailer prepares to sell a controlling stake in its Victoria’s Secret brand to Sycamore Partners, the company has reported a net loss of $192.3 million for the fourth quarter.
The American sportswear giant announced on Thursday that it is transitioning its Nike brand business in Argentina, Brazil, Chile and Uruguay to strategic distributor partnerships with local partners Grupo Axo and SBF.
The Columbus, Ohio-based fashion retailer announced declining sales and widening losses for the third quarter on Wednesday, and has now confirmed that this year’s Victoria’s Secret Fashion Show will not be taking place.