X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

COLUMBUS, OH-Limited Brands’ management is still trying to sell its Limited clothing chain and is also exploring the sale of real estate investments and other non-core assets. The announcement follows last month’s statement by executives that the company is selling a majority of its 631-unit Express chain to a private-equity firm for $541 million, a move that has passed federal regulations.

Management is restructuring the company to focus on intimate apparel and personal care chains, such as its Victoria’s Secret and Bath & Body Works stores. The company is growing both of those chains, which total more than 2,500 units.

Limited is also cutting about 10% of the 5,300-person workforce in its corporate and brand-home offices. Executives do not plan to eliminate workers in stores, distribution warehouses or call centers.

Additionally, Limited has boosted its previously announced $500-million share repurchase program to $1 billion. The company has so far purchased $190.5 million in shares and also intends to raise $1.25 billion in debt to fund the repurchase program and other ventures.

Limited Brands has had a shift in executive leadership in the last month. Neil Fiske, Bath & Body Works’ chief executive officer, is leaving the company to lead Eddie Bauer. Diane Neal, Bath & Body Works’ president and chief operating officer, is taking his place. The company also hired Bill May, formerly chief operating officer at Payless ShoeSource, was named chief operating officer of Victoria’s Secret.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper

GlobeSt. NET LEASE 2020Event

This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector.

Get More Information
 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.