Sycamore’s dead to buy Victoria’s Secret is now cancelled, they back out of the deal.
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In a quote from the article from Barrons:
"Last month, Sycamore tried to back out of the deal, suing the retailer and claiming that it breached covenants in its transaction agreement by closing stores during the coronavirus pandemic."
Yep. These are the same people who quarantined themselves long before Belk and other stores closed. Shows a real concern for the workers, don'tcha think?
Full article:
https://www.barrons.com/articles/l-brands-sycamore-partners-abandon-victorias-secret-deal-51588627374
Well, what a shame! V.S, must be doing to well, then to bother with. Sycamore likes dead business cr-ap. Recall the sweet deal the got with FAO Schwartz, the tacky toy company known for kitsch like the stupid fabric keyboards and useless, giant teddy bears.. To this day, Belk stores are littered with FAO branded junk that no one wanted before, no one wants now nor will they want in the future. They can't sell it, can't return it and, basically, can't give it to re-sellers.