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L Brands Inc. (BRBY.L) sued Sycamore Partners on Thursday after cancelling the purchase of a $525 Million deal of controlling stake in lingerie retailer Victoria’s Secret.
It is the first major U.S. legal fight over an agreement termination because of the virus outbreak.
Sycamore said in the filing that L Brands violated the agreement when it closed its 1,600 stores, furloughed its employees, and skipped rent payments in April due to the coronavirus outbreak.
"That these actions were taken as a result of or in response to the COVID-19 pandemic is no defense to L Brands’ clear breaches of the transaction agreement," the private equity firm stated in its Delaware Chancery Court lawsuit.
However, L Brands intends to fight the suit. The American fashion retailer said that Sycamore’s efforts to end the agreement are “invalid.”
“L Brands will vigorously defend the lawsuit and pursue all legal remedies to enforce its contractual rights, including the right of specific performance,” the company said in a statement.
According to L Brands, renegotiations of the purchase price of the 55% stake was attempted by the private equity firm before issuing a notice of termination.
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