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Bloomberg
Victoria’s Secret UK arm is appointing an administrator to help overhaul its business, amid plunging sales across the retail sector.
The unit of Ohio-based L Brands Inc, which operates 25 stores in the country, will appoint Deloitte to renegotiate leases or sell the stores, Stuart Burgdoerfer, the unit’s interim chief executive officer, said in an emailed statement.
Victoria’s Secret UK, which reported 127 million pounnds ($160 million) of revenues in the last financial year, about 1% of the total for L Brands, is represented by law firm Linklaters, according to a court filing.
The company is seeking to overhaul the division in a “light touch administration during which they will seek to restructure the UK lease terms, explore options for a sale of that portion of business or other alternatives,†said Burgdoerfer, who is also the chief financial officer for the parent company.