Why L Brands Stock Is Sinking Today
Shares of retail holding company L Brands (NYSE: LB) were falling sharply on Wednesday, down 22.4% as of 1:30 p.m. EDT, after a private-equity firm that had agreed to buy the company's troubled Victoria's Secret chain filed suit to try to back out of the deal.
In February, private-equity firm Sycamore Partners agreed to purchase a controlling stake (55%) in lingerie retailer Victoria's Secret from L Brands, in a deal that valued the chain at $1.1 billion.
L Brands' deal to unload the Victoria's Secret chain is in deep trouble. Image source: L Brands.
Source Fool.com
