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Victoria’s Secret UK Division In Bankruptcy

(Filed Under wholesale Lingerie News). L Brands placed Victoria’s Secret’s U.K. division into a form of bankruptcy. The move did not warrant a press release or even an SEC filing by the parent company.

The early June filing, first reported by the Wall Street Journal, allows the company to delay payments to creditors while management runs the company under the supervision of court administrators.

According to published reports the overseas branch, which currently operates 21 Victoria’s Secret shops in the U.K. and Ireland, as well as five Pink stores in the U.K., employs over 800 people. It had an operating loss of $214 million on sales of about $160 million in the most recent fiscal year.

In late May, L Brands’ CFO (and Victoria’s Secret interim CEO) Stuart Burgdoerfer had said in a conference call that work was underway to address losses in operating income and EBITDA for the lingerie divisions “in the UK and China,” adding, “we are looking at all options with respect to those geographies in those markets.” — NM

more wholesale Lingerie News >>

Published 06-17-2020 by Nick Monjo

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