Multiple La Senza suppliers have filed a Chapter 7 involuntary bankruptcy petition against the lingerie retailer formerly owned by L Brands, alleging that the retailer has defaulted on its obligations.
Following Barrington Capital’s suggestion on Tuesday that L Brands separate its Victoria's Secret and Bath & Body Works brands, the retailer has issued a statement detailing its efforts to improve its performance.
The Victoria’s Secret parent company reported dips in Q4 and full-year 2018 earnings on Wednesday and announced a disappointing outlook for 2019, leading shares in the company to tumble more than 8% in extended trading.
L Brands, owner of Victoria's Secret, has announced that it will sell a 100% stake in lingerie brand La Senza to an affiliate of private equity firm Regent LP. The transaction is expected to be completed in January.