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Financials

Sycamore Partners seeks to end Victoria's Secret deal, L Brands shares plunge

April 22 (Reuters) - Investment firm Sycamore Partners is looking to terminate its deal to buy Victoria’s Secret from L Brands Inc on grounds that it breached some deal terms, a court filing on Wednesday showed, sending the company’s shares down 20%.

Earlier this year, L Brands had said it would sell a controlling stake in its Victoria’s Secret unit to Sycamore, valuing the lingerie brand at $1.1 billion, to focus on its better-performing Bath & Body Works brand. (Reporting by Nivedita Balu in Bengaluru; Editing by Vinay Dwivedi)

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