The Victoria's Secret Fashion Show has been a world-famous annual event, showcasing famous … “[Deloitte] will seek to restructure the U.K. lease terms [and] explore options for a sale of that portion of business or other alternatives.” Victoria's Secret cancels fashion show 01:29. The owner of Victoria’s Secret and Bath & Body Works says it is cutting 850 office jobs, or about 15% of its corporate workforce. Victoria's Secret is the largest lingerie retailer in the US and has been for several decades. L Brands, which has seen profit fall consistently since 2016, reported net losses of $366 million for the year ending Feb. 1 on sales of $12.9 billion.“The effect of the lockdowns, combined with broader challenges facing bricks-and-mortar retailers, has resulted in a funding requirement for this business, resulting in today’s administration,” said Deloitte administrator Rob Harding in a statement.Victoria’s Secret’s U.K. arm has collapsed into administration — the latest victim of shoppers staying at home because of the coronavirus lockdown and fierce competition from online rivals.Victoria’s Secret stores in the U.S. and elsewhere won’t be affected by the administration process, and in the U.K. online sales are to continue as normal.“We are taking a number of actions across Victoria’s Secret and Victoria’s Secret PINK to strengthen and position the business to succeed as a separate stand-alone company. L Brands has announced the company will permanently close approximately 250 Victoria's Secret stores in the U.S. and Canada, along with … The Big Four accountancy firm appointed to take control of the company said the lingerie retailer had become a victim of the coronavirus outbreak. Photograph: Molly Darlington/Reuters Marks and Spencer and Next are competing to take … Lockdown rules in the U.K. saw nonessential retail outlets shuttered in late March.Key differences in voter responses boosts confidence in polling data and the November 2020 presidential outcome, writes political pollster Rachel Bitecofer.Retailers have been under a lot of pressure in recent years due to rising costs, increased competition and changing shopping habits — the stay-at-home orders in the U.K. and U.S. have not helped.Victoria’s Secret’s global interim chief executive said in a statement that the aim was to renegotiate leases or sell the loss-making division entirely as part of a turnaround plan for the lingerie retailer. "The effect of the lockdowns, combined with broader challenges facing bricks and mortar retailers, has resulted in a funding requirement for this business, resulting in today's administration. "Industry sources said that any bidder wanting to franchise the Victoria's Secret brand in the UK and retain a physical footprint would seek fundamentally restructured rental terms from any ongoing stores.M&S and Next declined to comment, while a spokesman for Victoria's Secret UK said: "We continue to work closely with Deloitte to review a range of possible outcomes." Victoria’s Secret’s U.K. arm has collapsed into administration — the latest victim of shoppers staying at home because of the coronavirus lockdown and fierce competition from online rivals. The UK arm of Victoria’s Secret slumped to a pre-tax loss of £171m. The insolvency only affects the UK operations, and has no impact on its presence in the US or other markets.Victoria's Secret's parent company, L Brands, had been in discussions about being taken over by Sycamore Partners, a private equity firm, before the talks were abandoned last month.Marks & Spencer (M&S) and Next, Britain's two best-known clothing retailers, are vying to take control of the British operations of Victoria's Secret, the lingerie brand.Some have emerged to resume trading, but with drastically reduced physical footprints.Analysts believe that the pandemic has accelerated a structural shift across the industry, with clothing retailers such as Cath Kidston, Debenhams, Laura Ashley and Monsoon Accessorize among those to fall into administration since March.The Victoria's Secret shops which reopen on Friday are said to have struck revised rent deals with their landlords.The sale process, which is at an early stage, was triggered last month when one of the world's most prominent women's underwear groups announced that its UK arm was pursuing a 'light touch' administration - a process that allows its existing management to remain in control of the business while offering protection from creditors.At least one other unnamed party is also understood to have expressed an interest in a deal with Deloitte, which was appointed as the chain's administrator earlier this month.The interest from M&S and Next effectively sparks a bidding battle between the two most prominent clothing retailers in Britain.At its recent full-year results, the company said it would open its digital platform and largest stores "to complementary guest brands to broaden appeal and increase online growth".Despite its profile, Victoria's Secret has struggled financially in the UK, making an operating loss of £170m in the year to 20 February.M&S's involvement is likely to be of particular interest to retail analysts.Sky News has learnt that the two high street giants are among the parties interested in becoming Victoria's Secret's parent company's new UK franchise partner.Uncertainty over the future of its UK outlets underlines the broader trend in British retailing, which has seen vast numbers of chains refusing to pay their full rent bills for the third quarter, with footfall and sales at a fraction of the usual levels because of the coronavirus outbreak.Analysts suggested that Next was a more likely franchisee for the Victoria's Secret brand, owing to its success selling third-party products from the likes of Abercrombie & Fitch, Boss and Under Armour.M&S already controls 27% of the UK lingerie market, with 36% of the market for bras, so it is unclear whether any franchise deal could attract interest from competition watchdogs.
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