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Limited Brands, Inc. announced the sale of its remaining 25% stake in Limited Stores, LLC. Under the transaction terms, Limited Stores, LLC, which operates retail locations called The Limited, purchased Limited Brand's remaining interest in the company for $32 million. In 2007, Limited Brands sold a 75% stake in Limited Stores to an affiliate of Sun Capital Partners, a private investment firm that now owns 100% of Limited Stores. Limited Stores has more than 220 mall locations throughout the United States.
"This sale supports our focus on intimate apparel, personal care and beauty products," said Leslie H. Wexner, chairman and CEO, Limited Brands. "We wish our long-time partners at Limited Stores continued success ... this transition further enables both teams to win."
"This buyback is more than a financial transaction. It is recognition of the successful efforts over the last three years to 'restart' Limited Stores, as well as a demonstration of the confidence Sun Capital has in our future," said Linda I. Heasley, CEO, Limited Stores. "And it's a great future. We continue to have a strong balance sheet after completing this transaction and are opening 10 stores this year and planning an additional 20 in 2011. As we transition to a new relationship with Limited Brands, we hasten to add that we are grateful for all we learned from Les and wish everyone in that organization well."
Limited Brands continues to provide logistics and sourcing services to Limited Stores.
Limited Brands—through Victoria's Secret, Pink, Bath & Body Works, C.O. Bigelow, La Senza, White Barn Candle Co. and Henri Bendel—presently operates 2,969 specialty stores.