The British arm of Victoria’s Secret has fallen into administration, which is the equivalent of a bankruptcy proceeding in the U.S.
The lingerie retailer, a unit of L Brands Inc., has 25 stores in the U.K., all of which have been closed since the pandemic lockdown started in March. It has tapped Deloitte to renegotiate leases or sell the stores, reported Bloomberg.
“The company is seeking to overhaul the division in a ‘light touch’ administration during which they will seek to restructure the U.K. lease terms, explore options for a sale of that portion of business or other alternatives,” said Stuart Burgdoerfer, the unit’s interim CEO and L Brands CFO, in an emailed statement to Bloomberg.
Burgdoerfer noted that the U.K. action has no impact on Victoria’s Secrets stores in any other part of the world.”
