L Brands calls off Victoria's Secret sale, plans to spin off brand instead

The sale of Victoria's Secret is officially off. L Brands Inc. announced Monday afternoon it had reached an agreement with New York-based private equity firm Sycamore Partners LLC to cancel the sale of a 55% stake in the lingerie brand. Sycamore Partners had agreed to buy a majority stake in Victoria's Secret for $525 million in February. But last month, Sycamore announced its intention to back away from the deal, arguing L Brands' efforts to mitigate the coronavirus pandemic had damaged the value…