Victoria's Secret to be spun off a year after sale collapsed

A year after an agreement to sell Victoria’s Secret fell apart as the pandemic emptied malls nationwide, the chain will be spun off by its owner to become a separate company

A year after an agreement to sell Victoria’s Secret fell apart as the pandemic emptied malls nationwide, the chain will be spun off by its owner to become a separate company. L Brands, based in Columbus, Ohio, has been shopping the struggling chain elsewhere since the collapse of that deal and said it had held talks with a number of potential buyers, but it appears it could not come to an agreement on price. Victoria's Secret was to be sold to Sycamore Partners last year for about $525 million, but the private equity firm sued to get out of the deal citing the coronavirus pandemic. At that point, Victoria's Secret was forced to close stores and sales, which had been falling as the brand fell out of favor, evaporated. Victoria's Secret has been trying to turn its business around, with an eye on changing the corporate culture, reinventing fashions and redesigning stores. While the brand had been known for its sexy style, women have increasingly shifted toward more comfortable options, particularly during the pandemic when many have spent most of their time at home.