The UK business arm of the American fashion retailer Victoria’s Secret has moved out of administration and gone into liquidation.
The brand had gone into administration last year after being badly hit by the pandemic.
A spokesman for administrators Teneo, reportedly, shared that a judge has approved a move into liquidation for what’s left of the UK part of Victoria’s Secret’s business.
The spokesman also told media that the move into liquidation would also help in paying dividends to creditors.
It was also made distinct that Victoria’s Secret’s online business is not owned by Victoria’s Secret UK and will function as usual.
In addition to lingerie wear, Victoria’s Secret is also known for its swimwear, activewear and accessories.
In 2020, British fashion retailer Next had signed a joint venture agreement for Victoria’s Secret’s UK business as part of the latter’s administration process – thereby saving more than 500 jobs at that time.
There are also now talks of L Brands planning a spin-off of its Bath & Body Works business some time in 2022.
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