L Brands CEO Steps Down, Sycamore Deal Terminated

L Brands LB shares are trading lower after the company announced a "mutual agreement" with private equity firm Sycamore Partners to terminate their previously announced transaction.

Also, Leslie Wexner will step down as CEO and chairman of the board of L Brands. He will remain a member of the board as chairman Emeritus.

On April 22, L Brands released a statement that Sycamore Partners delivered a notice purporting to terminate the Feb. 20, 2020 transaction agreement relating to the sale of a 55% interest in Victoria's Secret Lingerie, Victoria's Secret Beauty and PINK.

L Brands shares are trading lower by 14.4% at $10.30 in Monday's after-hours session. The stock has a 52-week high of $28.02 and a 52-week low of $8.

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Photo by Samantha Marx via Wikimedia.