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Limited Brands offloads clothing

This article was originally published in The Rose Sheet

Executive Summary

Limited Brands will focus on personal care and intimate apparel going forward after offloading its Express and Limited clothing brands, firm says. "We have moved from a portfolio of brands and businesses to an enterprise powered by two world-leading brands - Victoria's Secret and Bath & Body Works," CEO Leslie H. Wexner states in a July 9 release. "These strategic actions will better position Express and Limited Stores for future growth and profitability and enable the 'new' Limited Brands to derive the benefit of our increased focus." The firm finalized the sale of a 75% ownership interest in its Express brand to private equity firm Golden Gate Capital for pre-tax cash proceeds of $602 mil. The firm also signed a definitive agreement to transfer a 75% ownership interest in its Limited Stores business to private equity firm Sun Capital Partners for $50 mil. of equity capital and a $75 mil. credit facility, firm says...
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