The Limited’s brand and online business have been purchased for a reported $26.8 million.
Though there’s been no official word from the principals, Reuters reports sources close to the deal have confirmed Sycamore Partners won the one-time mall darling in the bankruptcy auction. Next, the purchase just has to be approved by a U.S. bankruptcy court.
Those sources also say the private equity firm beat out Sunrise Brands, which owns the Melissa McCarthy and Eva Longoria labels.
Sycamore Partners owns apparel brands and retail chains, including Belk department stores, the Kasper clothing brand, Nine West apparel and footwear and Talbots women’s wear.
The Limited spiraled throughout the second half of 2016, ultimately leading owner Sun Capital Partners to close all 250 doors, release 4,000 employees and file for bankruptcy. Like American Apparel, PacSun, Wet Seal and a long list of others, the retail chain was unable to stay afloat when hit with changing consumer tastes and the ebb in mall traffic.
The company’s website alerts shoppers that it has filed for bankruptcy and any orders that had not shipped have been canceled. A message reads “Sorry… Thelimited.com is closed temporarily. Please know it has been such an honor to provide fashion for you and other strong, confident women for more than 50 years.”