THE WHAT? British retailer Marks and Spencer is said to be eyeing the acquisition of troubled brand Victoria’s Secret, according to a report by the Financial Times.
THE DETAILS Victoria’s Secret has been hit hard by the coronavirus pandemic, falling into administration during lockdown.
However, it seems that Marks and Spencer isn’t the only UK company eyeing up the sale, with Next also said to have expressed an interest. Both companies declined to comment.
THE WHY? The possible buyout from either Marks and Spencer or Next would be a last-minute reprieve for Victoria’s Secret, which fell into administration three weeks ago, putting around 800 jobs at risk.
While the company has since reopened 25 UK stores, the online store is owned separately and has not been affected by the administration.