consumer acceptance of our products and our ability to manage the life cycle of our brands, keep up with fashion trends, develop new merchandise and launch new product lines successfully.the highly competitive nature of the retail industry and the segments in which we operate.our ability to protect our trade names, trademarks and patents.our ability to attract customers with marketing, advertising and promotional programs.our ability to protect our reputation and our brand images.our independent franchise, license and wholesale partners.our ability to successfully expand internationally and related risks.our ability to grow through new store openings and existing store remodels and expansions.the dependence on mall traffic and the availability of suitable store locations on appropriate terms.liabilities arising from divested businesses.our ability to attract, develop and retain qualified associates and manage labor-related costs.difficulties arising from turnover in company leadership or other key positions.divestitures or other dispositions, including any divestiture of Victoria’s Secret and related operations, could negatively impact our business, and contingent liabilities from businesses that we have sold could adversely affect our financial statements.General economic conditions, consumer confidence, consumer spending patterns and market disruptions including pandemics or significant health hazards, severe weather conditions, natural disasters, terrorist activities, financial crises, political crises or other major events, or the prospect of these events.Risks associated with the following factors, among others, in some cases have affected and in the future could affect our financial performance and actual results and could cause actual results to differ materially from those expressed or implied in any forward-looking statements included in this press release or otherwise made by our company or our management: Words such as “estimate,” “project,” “plan,” “believe,” “expect,” “anticipate,” “intend,” “planned,” “potential” and any similar expressions may identify forward-looking statements. Accordingly, our future performance and financial results may differ materially from those expressed or implied in any such forward-looking statements. We caution that any forward-looking statements (as such term is defined in the Private Securities Litigation Reform Act of 1995) contained in this press release or made by our company or our management involve risks and uncertainties and are subject to change based on various factors, many of which are beyond our control. Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995 Next also has over 500 stores in the UK and an online presence in over 70 countries selling the Next brand and over 700 other fashion, home and beauty brands. Next is a FTSE 100 company and is the UK’s number one online clothing retailer. The company’s products are also available online at and . The company operates 2,709 company-owned specialty stores in the United States, Canada, the United Kingdom and Greater China, and its brands are also sold in more than 700 franchised locations worldwide. L Brands, through Bath & Body Works, Victoria’s Secret and PINK, is an international company. We are grateful to the creditors for working with us to deliver a solution that enables this business to survive and prosper.” Rob Harding, Administrator at Deloitte, said “This is an ideal way to secure the future of more than 500 employees in the U.K. Lord Simon Wolfson, Chief Executive of Next PLC, added “Next is very pleased at the prospect of working in partnership to expand the Victoria’s Secret brand in the U.K. market are substantial, and our partnership will provide meaningful growth opportunities for the business.” Next’s capabilities and experience in the U.K. Martin Waters, CEO of L Brands International, commented “We are pleased to take this next step in our profit improvement plan for Victoria’s Secret. Under the terms of the agreement, Next PLC will own 51 percent of the JV, while Victoria’s Secret will own 49 percent. digital (online) business, which is currently operated by Victoria’s Secret in the United States, will be folded into the JV in Spring 2021. and Ireland, subject to agreeing to terms with landlords. The newly formed JV will operate all Victoria’s Secret stores in the U.K. business that is currently in Administration. and Next PLC have formed a joint venture (“JV”), where the JV will acquire the majority of the assets of the Victoria’s Secret U.K. Under the agreement, which is subject to regulatory clearance, Victoria’s Secret U.K. (NYSE: LB) today announced a partnership with Next PLC (LON: NXT) for its company-owned Victoria’s Secret business in the United Kingdom and Ireland (“Victoria’s Secret U.K.”). 14, 2020 (GLOBE NEWSWIRE) - L Brands, Inc.
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