L Brands Plans to Spin Off Victoria’s Secret

The move came after takeover bids for the retailer were lower than expectations for a separate listing.

By Andrew Ross Sorkin, Jason Karaian, Sarah Kessler, Michael J. de la Merced, Lauren Hirsch and Ephrat Livni

Exclusive: L Brands will spin off Victoria’s Secret

L Brands has decided to spin off Victoria’s Secret rather than sell it, DealBook is first to report. The company said last year it was considering separating Victoria’s Secret from the rest of its business, and we previously reported that it was testing private equity’s interest. Ultimately, sources say, L Brands has decided to split itself into two independent, publicly listed companies: Victoria’s Secret and Bath & Body Works. The deal is expected to close in August.

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