Limited Brands Update.

This article was in the Dispatch this morning, and although they made this annoucement to employees yesterday, it didn't seem real until I saw it in the paper. It is a sad day, as I remember well shopping at the 1st Limited store at Kingsdale, but I'm happy to report that the sale has no effect on my job :)

Apparel stores
Limited Brands sheds divisions
Tuesday, July 10, 2007 3:30 AM
By Jeffrey Sheban

THE COLUMBUS DISPATCH

Limited Brands has stripped down to its underwear and well-moisturized skin.

The retailer said yesterday that it found a buyer for its Limited Stores division and that it sold more than expected of its other apparel division, Express. Both divisions will continue to use their Columbus headquarters and distribution centers, Limited Brands said.

The moves effectively remove the company from the apparel business, on which it was founded in 1963 in the Kingsdale Shopping Center, site of the first Limited store.

What's left is the source of more than 90 percent of profits: Victoria's Secret, the nation's leading lingerie business, and Bath & Body Works, a powerhouse in skin care and fragrance.

"We have moved from a portfolio of brands and businesses to an enterprise powered by two world-leading brands," said Leslie H. Wexner, chairman and chief executive of Limited Brands.

"These strategic actions will better position Express and Limited Stores for future growth and profitability and enable the 'new' Limited Brands to derive the benefit of our increased focus," he said in a press release.

The moves were expected, though there was some doubt whether a buyer could be found for Limited Stores.

After months of shopping its original division to potential buyers, Limited Brands said it signed a definitive agreement to sell 75 percent of Limited Stores to affiliates of Sun Capital Partners.