Victoria's Secret has officially announced that it will be closing down 250 stores in the U.S. and Canada permanently. According to the parent company, L Brands, this was due to a major deal falling through. They were supposed to make spin off brands that included their lingerie, beauty and Pink section. Instead, Sycamore, filed a lawsuit against them in April to back out of the deal after the pandemic hit. They were upset about the company cutting back on new inventory and not paying rent for a month. Sycamore claimed it was a violation to their agreement. Both companies came to the mutual agreement to terminate the deal.