Why Shares of L Brands Are Down Again Today
Shares of L Brands (NYSE: LB) were sharply lower in midday trading on Tuesday, after the company said that it will temporarily close stores and draw down a line of credit in response to the coronavirus outbreak.
As of 1 p.m. EDT, L Brands' shares were down about 17% from Monday's closing price.
L Brands is the parent company of the Victoria's Secret, Pink, and Bath and Body Works retail chains. The company said on Tuesday that all of its stores in the United States and Canada will close immediately, and will stay closed though at least March 29.
Source Fool.com
