Sycamore Partners, a private equity firm, and L Brands, a seller of women's apparel and beauty products, agreed to terminate the $525m deal for a 55% stake in Victoria’s Secret, an American designer, manufacturer, and marketer of women's lingerie, womenswear, and beauty products. Neither party would be required to pay a termination fee, and both sides agreed to settle all pending litigation. L Brands stated that it was in its best interests to focus on navigating an extremely challenging business environment rather than engaging in costly and distracting litigation to force a partnership with Sycamore.