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.

Related Links:

Why L Brands Stock Plummeted

L Brands Reports Q4 Earnings Beat

Photo by Samantha Marx via Wikimedia.

Market News and Data brought to you by Benzinga APIs
Comments
Loading...
Posted In: M&ANewsManagementAfter-Hours CenterLeslie WexnerSycamore PartnersVictoria's Secret
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!