L Brands Announces Partnership with Next PLC for Victoria’s Secret UK NYSE:LB
September 14, 2020 16:50 ET | Source:L Brands, Inc. COLUMBUS, Ohio, Sept. 14, 2020 (GLOBE NEWSWIRE) -- L Brands, Inc. (NYSE: LB) today announced a partnership with Next PLC (LON: NXT) for its company-owned Victoria’s Secret business in the United Kingdom and Ireland (“Victoria’s Secret U.K.”). Under the agreement, which is subject to regulatory clearance, Victoria’s Secret U.K. and Next PLC have formed a joint venture (“JV”), where the JV will acquire the majority of the assets of the Victoria’s Secret U.K. business that is currently in Administration. Martin Waters, CEO of L Brands International, commented “We are pleased to take this next step in our profit improvement plan for Victoria’s Secret. Rob Harding, Administrator at Deloitte, said “This is an ideal way to secure the future of more than 500 employees in the U.K. We are grateful to the creditors for working with us to deliver a solution that enables this business to survive and prosper.”.