WASHINGTON (dpa-AFX) - L Brands, Inc. (LB) announced a mutual agreement with Sycamore Partners to terminate their previously announced transaction. In connection with the termination of the Victoria's Secret deal, L Brands and Sycamore Partners agreed to settle all pending litigation.
L Brands said it remains committed to establishing Bath & Body Works as a pure-play public company and is taking the necessary steps to prepare the Victoria's Secret to operate as a standalone company.
The company's previously announced leadership and governance changes will go into effect as of the 2020 Annual Meeting of Stockholders.
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