Sycamore Partners backs out of coronavirus-stricken deal for Victoria's Secret

(Reuters) - Buyout firm Sycamore Partners disclosed on Wednesday it had walked away from a $525 million (427 million pounds) deal to acquire a majority stake in Victoria's Secret, after the lingerie brand shut down stores and furloughed staff in response to the coronavirus outbreak.Victoria's Secret owner L Brands Inc vowed to challenge the move, setting up the first major U.S. legal fight over the termination of a merger agreement because of the pandemic, which has shut down large swaths of..