The company 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." Like many other retailers, L Brands has been forced to shutter its stores as restrictions are implemented to halt the spread of the coronavirus. In February, private equity firm Sycamore had agreed to acquire a 55% share in Victoria's Secret for $525 million, allowing the brand to go private. L Brands was hoping to focus on running its better-performing store, Bath & Body Works.