Sycamore to take control of Victoria's Secret

L Brands has announced that Victoria’s Secret, with a total enterprise value of 1.1 billion dollars, will be separated from L Brands into a privately-held company majority-owned by Sycamore with Sycamore acquiring 55 percent interest for approximately 525 million dollars and L Brands retaining a 45 percent stake. The company expects to report a fourth quarter comparable sales decline of 2 percent, consisting of a positive 10 percent comp at Bath & Body Works and a decline of 10 percent at Victoria’s Secret.