L Brands Countersues to Make Sycamore Finish Stock Purchase (2)

L Brands Inc. sued to force Sycamore Partners to complete the purchase of a controlling stake in lingerie brand Victoria’s Secret, saying the deal’s terms excluded the private equity fund from using the coronavirus as a reason to back out.

Sycamore officials were well aware of the fallout from the Covid-19 pandemic when they negotiated the $1.1 billion buyout and accepted that the outbreak may impact the chain’s business, Columbus, Ohio-based L Brands said Thursday in its Delaware Chancery Court lawsuit.

“The parties agreed that Sycamore would bear the risk of any adverse impacts stemming from such a pandemic,” L ...