Sycamore Partners asks court to let it out of Victoria’s Secret deal

Sycamore Partners, which agreed to buy a majority stake in Victoria’s Secret in February, has asked a Delaware court to let it out of the deal. The private equity firm maintains that L Brands has failed to maintain its end of the bargain. “Until closing, L Brands is required to operate the Victoria’s Secret business in the ordinary course consistent with past practice,” Stefan Kaluzny, co-founder and CEO of Sycamore, said in a letter to L Brands, which was included in the filing. “Unfortunately, L Brands has failed to do this in a myriad of ways that have materially and irreparably damaged the Victoria’s Secret business.” L Brands denies the claims and vows to “vigorously defend” itself against the charges.