Victoria’s Secret is going to be saved by Next

 

Fans of Victoria’s Secret, you will be pleased to know that the brand will finally be saved. The high street retailer Next has agreed to purchase the drowning firm. This move is going to ensure the protection of its UK stores and e-commerce website.

On the 5th of June this year, the lingerie company fell into administration after struggling during the coronavirus lockdown. Despite the fact that its outlets kept operating throughout this process, 800 jobs and 25 shops were at risk. With Next agreeing to purchase a majority 51% stake in the firm's UK business, things will get better. The remaining shares will stay in control of L Brands, Victoria’s Secret’s parent company. Thanks to this deal, 500 jobs will be able to be saved. It is also being hoped that all of the 25 stores will keep trading. Nonetheless, this depends on negotiations with landlords. It should be noted that the firm’s international outlets, that is those outside of the UK are not impacted in any way.

Rob Harding, administrator at Deloitte, said: "This is an ideal way to secure the future of more than 500 employees in the UK”. According to the media company The Sun, Next is also planning to stock up some of Victoria’s Secret products in its shops and on its online store. However, this has not been confirmed yet.


 Victoria’s Secret is on the way to recovery © Royalty-free image

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