// Victoria’s Secret UK business now in liquidation
// Victoria’s Secret’s online business was not owned by Victoria’s Secret UK and will continue as usual
Victoria’s Secret UK has moved out of administration and into liquidation.
The UK arm of the US lingerie retailer went into administration in June last year after being affected by the Covid-19 lockdown.
A spokesman for administrators Teneo said a judge has approved a move into liquidation for what’s left of the UK part of the business.
He said the move would enable dividends to be paid to creditors.
- Victoria’s Secret sued for $32m by Westfield amid accusations it refused to pay rent
- Next closes deal with Victoria’s Secret, saving 500 jobs
Judge Sally Barber considered the case at a hearing in the Insolvency and Companies Court earlier this week.
Bosses said then that Victoria’s Secret’s online business was not owned by Victoria’s Secret UK and would continue as usual.
Last year, Next signed a joint venture deal for Victoria’s Secret’s UK business as part of the latter’s administration process, saving over 500 jobs at the time.
The lingerie retailer’s US parent company L Brands formed a joint venture with the British fashion chain, which had acquired the majority of the assets of Victoria’s Secret’s UK business.
The partnership meant Next would operate all of Victoria’s Sectret’s stores in the UK and Ireland, subject to agreeing to terms with landlords.
with PA Wires