L Brands will no longer sell Victoria’s Secret to Sycamore Partners, a private equity investor. The firms said on Monday that they had reached a mutual agreement to terminate the deal.
The announcement came after L Brands and Sycamore sparred in court about moving forward with the transaction based on Victoria’s Secret’s response to the coronavirus outbreak.
Sycamore had agreed to buy a majority of Victoria’s Secret from the embattled L Brands in February for $525 million in a deal that was expected to close this spring.
Bath & Body Works, which is also owned by L Brands, would become a stand-alone public company. But Sycamore tried to back out of the agreement as the pandemic forced Victoria’s Secret, and much of the retail industry, to temporarily close stores and furlough staff.
Wind turbines, solar panels and hydroelectric plants are supplying more electricity to the United States than coal-fired power plants since the coronavirus outbreak spread widely, according to an analysis published on Monday.
Renewable energy sources supplied more power to the electric grid than coal-fired plants every day in April, the first full month they have ever done so, according to a review of government data by the Institute for Energy Economics and Financial Analysis.
The declining use of coal long predates the coronavirus pandemic, but a sharp drop in electricity demand is probably accelerating that shift, some analysts said.
That’s because as revenue suffers, utilities might be opting to get more electricity from wind and solar farms, which cost little to operate, and less from power plants fuelled by fossil fuels.
The energy institute found that coal supplied less than 20 percent of the country’s electricity in January and dropped to just 15.3 percent in April. As recently as 2008, coal accounted for about half of the nation’s electricity.