L Brands included pandemic clause in Victoria’s Secret contract
April 29, 2020
The lawyers at Davis Polk & Wardwell, which represented L Brands in its deal to sell a controlling interest of Victoria’s Secret to Sycamore Partners, included a clause that would prevent the buyout firm from backing out of a deal should a pandemic hit. The COVID-19 outbreak hit the U.S. hard after the deal was negotiated, resulting in sales losses for Victoria’s Secret. Now, Sycamore wants out of the deal, but will it have legal grounds for doing so?
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