The deal to sell Victoria’s Secret to Sycamore Partners may not go ahead as planned if the private equity firm has its way.

Sycamore is reportedly looking to back out of the deal to purchase the lingerie retailer from parent company L Brands (LB) after it closed its stores, skipped rent payments, and furloughed employees because of the coronavirus pandemic, Reuters reported.

According to its court filing (via Reuters), Sycamore claims that “these actions were taken as a result of or in response to the COVID-19 pandemic is no defense to L Brands’ clear breaches of the transaction agreement.”

L Brands called the decision to halt the deal for Victoria’s Secret “invalid,” saying "L Brands will vigorously defend the lawsuit and pursue all legal remedies to enforce its contractual rights, including the right of specific performance.”

Sycamore Partners reached an agreement to acquire 55% ownership of Victoria’s Secret from L Brands in February. Victoria’s Secret is valued at $1.1. billion.

Shares of L Brands stock were down 24.30% as of 2:20 p.m. EDT on Wednesday.

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Victoria's Secret models Alessandra Ambrosio and Adriana Lima (right) walk the runway during finale of the 2014 Victoria's Secret Fashion Show at Earl's Court exhibition centre on Dec. 2, 2014, in London. Ten new models will be joining the Angels in 2015. Getty Images
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