Popular Lingerie Store With Cedar Rapids Locations Being Sold
There's a Victoria's Secret in nearly every mall across the U.S., including those here in Iowa, but the popularity and brand recognition hasn't stopped the company from being sold.
KCRG-TV9 reports that declining sales and "uncomfortable questions about its billionaire founder who has run the company for five decades" has played a role in the sale of the company.
L Brands, currently owns the company and has announced that the "private-equity firm Sycamore Brands will buy 55% of Victoria's Secret" for the cool price of about $525 million. That may seem like a lot, but it seems to be a bit of a decline considering the brand had around $7 billion in revenue in 2019. L Brands isn't out completely, as they will keep the remaining 45% stake in the company.
There are currently locations two locations in Eastern Iowa that are pretty close. One at Lindale Mall in Cedar Rapids and the other at Coral Ridge Mall in Coralville.
As of now, the sale won't have an effect on any locations here. That's good too because this is my go-to spot for undergarments! Keep up with the latest happenings in the area with the app. Download it for free below.