And L Brands, parent of Bath & Body Works and Victoria's Secret, also sent up red flags on Tuesday (May 5). The company announced an agreement with Sycamore Partners to terminate its Victoria's Secret deal, which leaves the troubled chain without a suitor. L Brands said it is "implementing significant cost reduction actions and performance improvements at Victoria's Secret," which will include "proactive measures" to ensure liquidity "in light of the ongoing COVID-19 pandemic."