The UK arm of US lingerie retailer Victoria’s Secret is reportedly being moved out of administration and into liquidation.
A spokesman for administrators Teneo said a judge has approved the liquidation for what’s left of the UK part of the business, which will allow dividends to be paid to creditors, according to PA Media.
It is understood that because Victoria’s Secret’s online business was not owned by Victoria’s Secret UK, it would continue to operate as usual.
Former parent company L Brands placed Victoria’s Secret UK into administration in June last year after the business took a hit from store closures during lockdown.
A few months later, the company secured a joint venture with British fashion giant Next whereby Next became the majority stakeholder of Victoria’s Secret’s 25 UK and Ireland-based stores. The move saved over 500 jobs.
On Tuesday, L Brands completed the separation of its Victoria’s Secret and Bath & Body Works brands into two separate publicly traded companies.
L Brands had originally planned to sell Victoria’s Secret, but its board ultimately decided that splitting it and Bath & Body Works into two separate companies would be a better option.
The new company, called Victoria’s Secret & Co., comprises Victoria’s Secret Lingerie, PINK and Victoria’s Secret Beauty.
As part of the separation, L Brands has changed its name to Bath & Body Works, Inc.
Last month, Victoria’s Secret revealed its intention to return to the runway as the business pushes forward with its major rebranding, swapping out its bedazzled angels for a more inclusive image.
CEO Martin Waters said during a virtual presentation: “We have historically had a very significant amount of our marketing spend that was around the fashion show, and we saved that money in the last two years. Our intent is to get back into the fashion show business.”
“We’re not in a hurry to announce when that will be or how that will be…but we will redefine it in a way that’s culturally relevant in the coming years.”