CNBC Television Sycamore seeks to terminate Victoria’s Secret deal

🎯 Загружено автоматически через бота: 🚫 Оригинал видео: 📺 Данное видео принадлежит каналу «CNBC Television» (@CNBCtelevision). Оно представлено в нашем сообществе исключительно в информационных, научных, образовательных или культурных целях. Наше сообщество не утверждает никаких прав на данное видео. Пожалуйста, поддержите автора, посетив его оригинальный канал. ✉️ Если у вас есть претензии к авторским правам на данное видео, пожалуйста, свяжитесь с нами по почте support@, и мы немедленно удалим его. 📃 Оригинальное описание: CNBC’s Courtney Reagan reports on Sycamore’s decision to attempt to terminate its deal to buy Victoria’s Secret from L Brands. Private equity firm Sycamore Partners is looking to back out of its deal to take over Victoria’s Secret from L Brands, according to a lawsuit filed in a Delaware court on Wednesday. The deal for Victoria’s Secret to be taken private was reached in February, just weeks before the coronavirus pandemic started hammering the U.S. economy and forcing the closure of thousands of retailers’ stores. It ceded a 55% share to Sycamore for $525 million, allowing L Brands to focus on running its better-performing store, Bath & Body Works. Sycamore said in the filing that L Brands violated the transaction when it closed its stores and skipped rent payments in April. Sycamore is now seeking the court’s approval to break the deal, according to the filing. The terms of the transaction allowed for the possibility of a pandemic triggering a “material adverse effect” clause, which are typically included in deals to allow a buyer an opportunity to renegotiate should extraordinary events impact business. So far, there have been more than 2.5 million confirmed cases of Covid-19 worldwide, with at least 45,075 deaths from the virus in the U.S., according to data from Johns Hopkins University. L Brands said in a statement on Wednesday that it intends to fight the suit, and that Sycamore’s efforts to end the agreement are “invalid.” “L Brands will vigorously defend the lawsuit and pursue all legal remedies to enforce its contractual rights, including the right of specific performance,” the statement said. For access to live and exclusive video from CNBC subscribe to CNBC PRO: » Subscribe to CNBC TV: » Subscribe to CNBC: » Subscribe to CNBC Classic: Turn to CNBC TV for the latest stock market news and analysis. From market futures to live price updates CNBC is the leader in business news worldwide. Connect with CNBC News Online Get the latest news: Follow CNBC on LinkedIn: Follow CNBC News on Facebook: Follow CNBC News on Twitter: Follow CNBC News on Instagram: #CNBC #CNBC TV