L Brands and Sycamore said that they would settle the litigation and that neither party would pay termination fees. The decision comes as a bit of a surprise, given that L Brands' lawyers had seemingly accounted for the outbreak in the acquisition agreement. Language in the agreement essentially said that even if a pandemic struck, Sycamore would be legally obligated to complete the deal. After the sale closed, the plan was for L Brands to remain a public company consisting of Bath & Body Works while Sycamore worked to revive Victoria's Secret as a private company.