L Brands Announces Sale Agreement for La Senza
14 December 2018 - 1:15AM
L Brands, Inc. (NYSE:LB) today announced that following its
previously disclosed comprehensive review process, it has signed a
definitive agreement to transfer ownership and operating control of
La Senza – inclusive of the home office organization, North
American stores and e-commerce and international partnerships – to
an affiliate of Regent LP, a global private equity firm. The
company will sell 100 percent of its assets in La Senza in exchange
for the buyer’s agreement to assume La Senza’s operating
liabilities and to provide L Brands potential future consideration
upon the sale or other monetization of La Senza, as defined in the
agreement. The company expects to complete the transaction
and transfer ownership in January.
Operating results for La Senza are included in
the company’s Other segment for financial reporting. The company
estimates that La Senza’s 2018 revenues and operating loss will be
approximately $250 million and $40 million (approximately $0.12 per
share), respectively.
L Brands was advised on the sale by Financo.
ABOUT L BRANDS:L Brands, through
Victoria’s Secret, PINK, Bath & Body Works, La Senza and Henri
Bendel, is an international company. The company operates
3,115 company-owned specialty stores in the United States, Canada,
the United Kingdom and Greater China, and its brands are sold in
more than 800 additional franchised locations worldwide. The
company’s products are also available online at
www.VictoriasSecret.com, www.BathandBodyWorks.com,
www.HenriBendel.com and www.LaSenza.com.
ABOUT REGENT:Regent is a global
private equity firm focused on innovating and transforming
businesses. The firm’s mission is to create long-term value for its
partners, the companies it invests in and the communities in which
it works. Regent’s investments span the globe and operate in a wide
array of industry verticals including technology, media, consumer
products, industrial, retail and entertainment.
Selected investments include Sassoon, Sunset
Magazine, Lillian Vernon and a media portfolio comprised of 18
newspapers, magazines and television platforms including Military
Times, Army Times, Navy Times, Defense News, PBS TV’s Defense News
Weekly, Federal Times and the HistoryNet Magazines. Regent is based
in Beverly Hills, California.
For more information, please
visit www.regentlp.com.
Safe Harbor Statement Under the Private
Securities Litigation Reform Act of 1995We caution that
any forward-looking statements (as such term is defined in the
Private Securities Litigation Reform Act of 1995) contained in this
press release or made by our company or our management involve
risks and uncertainties and are subject to change based on various
factors, many of which are beyond our control. Accordingly, our
future performance and financial results may differ materially from
those expressed or implied in any such forward-looking statements.
Words such as “estimate,” “project,” “plan,” “believe,” “expect,”
“anticipate,” “intend,” “planned,” “potential” and any similar
expressions may identify forward-looking statements. Risks
associated with the following factors, among others, in some cases
have affected and in the future could affect our financial
performance and actual results and could cause actual results to
differ materially from those expressed or implied in any
forward-looking statements included in this press release or
otherwise made by our company or our management:
- general economic conditions, consumer confidence, consumer
spending patterns and market disruptions including severe weather
conditions, natural disasters, health hazards, terrorist
activities, financial crises, political crises or other major
events, or the prospect of these events;
- the seasonality of our business;
- the dependence on mall traffic and the availability of suitable
store locations on appropriate terms;
- our ability to grow through new store openings and existing
store remodels and expansions;
- our ability to successfully expand internationally and related
risks;
- our independent franchise, license and wholesale partners;
- our direct channel businesses;
- our ability to protect our reputation and our brand
images;
- our ability to attract customers with marketing, advertising
and promotional programs;
- our ability to protect our trade names, trademarks and
patents;
- the highly competitive nature of the retail industry and the
segments in which we operate;
- consumer acceptance of our products and our ability to manage
the life cycle of our brands, keep up with fashion trends, develop
new merchandise and launch new product lines successfully;
- our ability to source, distribute and sell goods and materials
on a global basis, including risks related to:
- political instability, significant health hazards,
environmental hazards or natural disasters;
- duties, taxes and other charges;
- legal and regulatory matters;
- volatility in currency exchange rates;
- local business practices and political issues;
- potential delays or disruptions in shipping and transportation
and related pricing impacts;
- disruption due to labor disputes; and
- changing expectations regarding product safety due to new
legislation;
- our geographic concentration of vendor and distribution
facilities in central Ohio;
- fluctuations in foreign currency exchange rates;
- stock price volatility;
- our ability to pay dividends and related effects;
- our ability to maintain our credit rating;
- our ability to service or refinance our debt;
- our ability to retain key personnel;
- our ability to attract, develop and retain qualified associates
and manage labor-related costs;
- the ability of our vendors to deliver products in a timely
manner, meet quality standards and comply with applicable laws and
regulations;
- fluctuations in product input costs;
- our ability to adequately protect our assets from loss and
theft;
- fluctuations in energy costs;
- increases in the costs of mailing, paper and printing;
- claims arising from our self-insurance;
- our ability to implement and maintain information technology
systems and to protect associated data;
- our ability to maintain the security of customer, associate,
third-party or company information;
- our ability to comply with regulatory requirements;
- legal and compliance matters; and
- tax, trade and other regulatory matters.
We are not under any obligation and do not intend to make
publicly available any update or other revisions to any of the
forward-looking statements contained in this press release to
reflect circumstances existing after the date of this press release
or to reflect the occurrence of future events even if experience or
future events make it clear that any expected results expressed or
implied by those forward-looking statements will not be realized.
Additional information regarding these and other factors can be
found in Item 1A. Risk Factors in our 2017 Annual Report on Form
10-K.
For further information, please
contact:
L Brands: |
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Investor
Relations |
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Media Relations |
Amie Preston |
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Tammy Roberts
Myers |
(614) 415-6704
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(614) 415-7072 |
apreston@lb.com
|
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communications@lb.com |
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Regent LP: |
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Media
Relations |
|
|
Graydon
Sheinberg |
|
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(310) 299-4108 |
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gs@regentlp.com |
|
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