Victoria's Secret's former UK business moved from administration into liquidation
A judge has ruled that Victoria's Secret's former UK operations can move from administration to liquidation enabling dividends to be paid to creditors.
The US lingerie group's UK arm was placed into administration last year and a joint venture deal was subsequently struck with high street chain Next to run its UK & Ireland stores and its UK e-commerce business (the online retail business had not been part of the administration).
Parent L Brands' deal with Next secured 500 jobs and the future of its retail stores. Next owns 51% of the joint venture.
A spokesman for administrators Teneo said a judge had approved a move into liquidation last week enabling creditors to be paid. Judge Sally Barber considered the case at a hearing in the Insolvency and Companies Court.
The Victoria’s Secret brand has faced problems over the past couple of years as its over-sexualised imagery and its high-octane catwalks shows in which supermodels were presented as “Angels” felt out of step in the post-#MeToo era.
It has since sought to present a more inclusive brand image introducing trans and plus-size models to its campaigns.
L Brands spun the Victoria's Secret brand off into its own entity in May of this year and it is now run as a separate company.
